New York Stock Exchange: Green Energy Crypto Mining Launched

Recently in the United States, an exchange-traded fund was launched. It specializes in more environmentally friendly crypto mining operations and infrastructure. The new Viridi Cleaner Energy Crypto-Mining and Semiconductor ETF were traded on the New York Stock Exchange. This happened on Tuesday, July 20, under the symbol “RIGZ”. This product is launched with just the main concern in mind. The concern is to increase the efforts to focus more on environmental, social, and governance (ESG) issues. Thus it aims at attracting more and more leading investors to it.

Viridi Funds has launched a new investment product. It said that the fund also positively invests in crypto mining infrastructure businesses and semiconductor companies. The companies include Samsung Electronics, Nvidia Corp., and Advanced Micro Devices. Wes Fulford, the CEO of Viridi and a former CEO of Bitfarms also stated that the fund will majorly keep its focus more on clean energy screening.

Moreover, he also said that the migration of mining from China to North America is very good news in a while. This is because now more than half of all the crypto mining operations in that particular region make use of renewable energy sources. He 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.”

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Fulford said that both Bitcoin and Ethereum are good examples who follow ESG’s “S” and “G” principles very well. And, this new EFT will be adding “E” soon. Further, he added that this new asset class is still in the early inflow stage. And, also the “tidal wave of institutional flows” has not yet arrived. According to a CNBC report on July 20, new data shows that Bitcoin mining is no longer as harmful to the environment as it used to be.

This is due to the shutdown of old, inefficient machines in China. And then cessation and migration of operations to a more environmentally friendly place are another reason for it. North America has now risen from fifth place to second place. Now it accounts for almost 17% of all worldwide Bitcoin mining operations. On July 18, it was reported that all the large-scale cryptocurrency miners in the United States will significantly benefit. The benefit will be from the increase in market share and dominance in hash rate. Recently, Riot Blockchain, Marathon, Hut 8, and Hive Blockchain have been added to the list of potentially the biggest beneficiaries ever. This was in context with China’s great mining migration.