The Listing of Clean Energy Crypto-Mining & Semiconductor ETF on NYSE Launches
Annie Li Jul 21, 2021 09:55
The clean energy encrypted mining and semiconductor exchange-traded fund (ETF), created by registered investment advisor and emerging fund manager Viridi, was officially traded on the New York Stock Exchange on July 20 under the code name RIGZ.
The clean energy encrypted mining and semiconductor exchange-traded fund (ETF), created by a registered investment advisor and emerging fund manager Viridi, was officially traded on the New York Stock Exchange on July 20 under the code name RIGZ.
This is the first active management ETF focusing on clean energy encryption mining and the mining infrastructure industry in the United States. The fund also includes semiconductor and professional computer chip manufacturers such as Samsung Electronics, Nvidia, and Advanced Micro Devices.
Viridi Fund stated that the purpose of establishing this ETF is in the hope that more investors can understand the emerging field of the cryptocurrency better through regulated investment tools.
The environmental, social, and governance (ESG) issues caused by cryptocurrency mining have always received intense attention from individual investors and institutional investors. But Viridi said that Bitcoin mining is still a particularly suitable investment industry because more than half of Bitcoin mining in North America can be done by using renewable energy.
The cryptocurrency mining industry has also been committed to providing environmentally-focused products to achieve resource sustainability.
The Chief Executive Officer of Viridi Funds, Wes Fulford, said that:
"Bitcoin and cryptocurrencies continue to grow in importance, and we are witnessing a new wave of institutional support for this emerging asset class. We launched RIGZ to provide investors with an ETF that attempts to align purpose and profit by investing in the infrastructure that underpins the entire ecosystem with sustainability in mind."
Due to China intensified law enforcement against domestic Bitcoin mining activities. Most Bitcoin mining sites in China were reportedly massively disconnected by losing power supply and abilities for further BTC mining operations. Therefore, many mining industries decided to migrate out of China to North America.
The cryptocurrency miner BIT Mining Limited, a Shenzhen-based company that announced that it would raise $50 million through private placement to expand its crypto mining business to overseas markets, as reported by Blockchain.News on July 14.
Wes Fulford believes that this is a wise decision as the old inefficient machines will be shut down in China. Operations will be moved to more environmentally friendly locations and use a new generation of more energy-efficient rigs. Therefore, Bitcoin mining is becoming less harmful to the environment compared to the previous damages.
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