An eco-friendly exchange-traded fund, dedicated to run crypto mining operations and build environmentally friendly infrastructure has recently been launched on the New York Stock Exchange.
The Cleaner Energy Crypto-Mining and Semiconductor ETF began trading on July 20. The ETF is now trading on the New York Stock Exchange with its native symbol of RIGZ.
The ETF crypto mining was initiated as a part of a growing effort to attract investors that are keen on environmental, social, and governmental issues associated with mining cryptocurrency.
According to Viridi Funds, the firm that launched the exchange-traded fund stated their new product enables mainstream investors to partake in the crypto mining business. The fund will permit clients to invest in infrastructure and semiconductor businesses including Samsung Electronics, and Advanced Micro Devices, all under Law360.
Wes Fulford, the former CEO of Bitfarms now the current CEO of Viridi Funds, stated the ETF is dedicated to clean energy screening. Fulford claimed the immigration of mining from China to North America was good news since the majority of the crypto mining operations in the region use renewable sources of energy.
Fulford continued stating the ETF will address the environmental issues while Bitcoin and Ethereum address the social and governmental issues. While the ETF is still an emerging asset class, Fulford added a mass of institutional flows will soon be on its way.
A data report from CNBC shows that Bitcoin mining is not entirely harmful to the environment recently. This is primarily due to the older inefficient crypto mining rigs being turned off in China, and most of the mining operations migrated to eco-friendly locations.
According to a report on July 18 by Cointelegraph, large crypto mining operations in the U.S will greatly benefit from the increased market shares and dominance rate.