Cleaner Energy Crypto-Mining and Semiconductor ETF Launched on New York Stock Exchange
A new exchange-traded fund, named Viridi Cleaner Energy Crypto-Mining and Semiconductor ETF, has been launched in the United States. This new ETF focuses on more environmentally-friendly cryptocurrency mining operations and infrastructure. It started trading on the New York Stock Exchange on July 20, 2021 (Tuesday) under the ‘RIGZ’ symbol. This product has been launched reportedly for attracting mainstream investors who are focused on issues related to environmental, social, and governance (ESG).
This new ETF investment product was launched by Viridi Funds. Reports say that the firm also invests in cryptocurrency mining infrastructure businesses and semiconductor companies including Nvidia Corporation, Samsung Electronics, and Advanced Micro Devices. Wes Fulford, the CEO of Viridi Funds, said that this new ETF will focus solely on clean energy screening. He went on to welcome the migration news of the cryptocurrency mining companies from China to North America after the recent crackdown by the Chinese authorities.
Wes Fulford said:
“Obviously, with what’s happened in China the power used is dramatically lower than it was at the beginning of June. And it’s also providing the added benefit that more computing power is finding its way to other jurisdictions, sort of decentralizing the network even further, which adds to the security.”
Viridi Funds’ CEO emphasized that Bitcoin (BTC) and Ethereum (ETH) only address the ‘S’ (Social) and the ‘G’ (Governance) aspects of the ESG issues. However, their company’s new ETF will address the environment (‘E’) aspect. He also went on to underscore the point that this digital asset class is still in its early days and the “tidal wave of institutional flows” hasn’t come yet.
In fact, a recent CNBC report (of July 20, 2021) shows that the recent flight of capital (invested in crypto mining) from China to North America has shut off the less-efficient crypto mining machines in China. This mining capital has now majorly moved to North America, especially to locations that use environment-friendly mining machines and power sources. The vast movement of crypto mining firms from China to North America has made the latter’s position jump from 5th to 2nd position in terms of Bitcoin mining. North America now accounts for around 17% of the total Bitcoin mining in the world.
In a recent report, it has been acknowledged that this great mining migration from China to the US will benefit the mining industry as well as their operations because of the increased hash rate dominance and the market share. It also pointed out that the major beneficiaries of China’s great mining migration are Hive Blockchain, Hut 8, Marathon, and Riot Blockchain.