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.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly 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 passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/ripple-cto-reflects-on-mining-250-btc-in-bitcoins-early-days/