FacebookTwitterLinkedInTelegramCopy LinkEmail
Bitcoin

Ripple CTO Reflects on Mining 250 BTC in Bitcoin’s Early Days

Ripple CTO Reflects on Mining 250 BTC in Bitcoin’s Early Days

Ripple’s chief technology officer, David Schwartz, recently shared a personal glimpse into his early involvement with Bitcoin, revealing that he mined 250 BTC shortly after discovering the cryptocurrency in 2011.

The revelation followed a lighthearted social media post showing Schwartz in a vintage “Bitcoin miner” T-shirt.

At the time Schwartz began mining, Bitcoin was trading around $30—long past its early $2 days, a price drop he says he never witnessed firsthand. In a nostalgic reply to a user, he recalled purchasing the shirt with BTC from a forum vendor, noting how novel it felt to use the digital currency for an actual purchase.

Though some have speculated Schwartz might have played a role in Bitcoin’s creation, he has consistently denied any connection to Satoshi Nakamoto. In a 2021 tweet, he admitted he had the technical skills to have contributed but said he didn’t learn about Bitcoin until after its founder had already vanished.

In later years, Schwartz traded his mined BTC for XRP and Ethereum, choosing assets he believes solve key Bitcoin shortcomings. He’s been an open critic of Bitcoin’s proof-of-work model, often citing its energy demands and lack of scalability.

Author
Alexander Stefanov

Reporter at Coindoo

Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.

Learn more about crypto and blockchain technology.

Glossary