The sustainability of cryptocurrencies has been a major topic of discussion for the past two weeks, as many have pointed the environmental concerns of crypto mining. Tron Foundation founder Justin Sun has also lent his voice in the debate. Justin Sun, speaking to CNBC at the ‘Squawk on the Street’ program, discussed the volatility and his outlook for cryptocurrencies. Sun agreed with Elon Musk’s concerns about bitcoin mining.
Musk’s tweets and the decision to stop Bitcoin acceptance by Tesla contributed to the downfall.
Justin Sun agreed that Tesla’s chief Elon Musk had influenced the recent issues surrounding cryptocurrencies. TRON founder also admitted that Musk’s tweets and the decision to stop Bitcoin acceptance by Tesla all contributed to the recent backlash Bitcoin and cryptocurrencies are receiving. However, he pointed out that Musk’s concerns are genuine, and the crypto industry needs to find out ways of dealing with the issues raised. He stated that the industry needs to find ways to make Bitcoin energy-friendly crypto.
“With proof-of-stake, you don’t need mining machines to produce blocks.”
Proof-of-stake (POS) technology has been described as the alternative option for the crypto industry that can eliminate fossil fuel use for crypto mining. Justin Sun pointed out that the Tron Foundation uses POS technology, which can significantly lower the industry’s energy consumption rate by 99.9%. He stated, “With proof-of-stake, you don’t need mining machines to produce blocks.” When asked about his opinion about the future of cryptocurrencies, Trun stated that the industry would see increased institutional and consumer interest, despite the present challenges. He believes the crypto industry is still in its infantry stage. Sun added that non-fungible token (NFT) is an easy way to understand how blockchain works.