Elon Musk’s environmental concerns over Bitcoin mining have acquired the support of TRON’s Justin Sun. According to tech entrepreneur Sun, Elon Musk is right about the carbon footprint Bitcoin mining leaves on the environment. Thus, crypto miners need to opt for alternative safer green energy methods of mining digital coins.
Among Many Critics, Musk Finds Support from Tech Entrepreneur Justin Sun
When Elon Musk announced Tesla’s stand to halt Bitcoin payments for an environmental reason, the crypto community went into a rage. Many were attacking the billionaire’s reason as only an excuse to influence the market.
For instance, Cathie Wood’s ARK investment maintained its support for the proof of work consensus algorithm even after Musk’s U-turn. Moreover, while cryptocurrencies’ prices were declining as an aftermath of Elon Musk’s announcement, ARK expressed its alternate standpoint to Musk’s decisions. ARK’s analyst Yassine Elmandrija confirmed on Twitter that the company was accelerating its research to prove that Bitcoin mining was shifting towards renewables.
MicroStrategy’s Michael Saylor also attacked Elon Musk’s concern terming it as ironical. Saylor highlighted that Bitcoin transacting, which was what Tesla was involved in, did not leave any carbon footprint on the environment. The CEO of MicroStrategy later attended a meeting with Elon Musk and North American Bitcoin miners to discuss safer methods of mining the crypto moving forward.
Crypto Miners are Utilizing Renewable Energy, But the Efforts Are Still Not Enough: Sun
Although Sun’s Bitcoin stand agrees with Elon Musk, he also acknowledges the crypto community’s efforts to utilize renewable energy. However, TRON’s Justin Sun added that the steps were still not enough. The concerns over the environmental impact of mining were, therefore, ‘legit’.
Tech entrepreneur Justin Sun continued to point out that the proof of stake consensus algorithm was better than proof of work in terms of carbon emissions. According to Sun, PoS minimizes carbon usage by up to 99% and has observed more blockchains going for this option. Thus, while still looking for a permanent green energy solution to Bitcoin mining, PoW could be the other option.