Ripple CTO David Schwartz Says He Mined 250 BTC Before Switching to XRP

• Ripple CTO David Schwartz reveals he mined 250 Bitcoins before shifting focus to XRP and Ethereum.
• Schwartz explains why Bitcoin’s energy use and scalability concerns pushed him toward alternative cryptocurrencies.
• Despite early involvement in Bitcoin, Schwartz confirms he sold his holdings to support more efficient blockchain networks.

Ripple’s Chief Technology Officer, David Schwartz, has disclosed that he mined 250 Bitcoins during his early days in cryptocurrency. According to a recent post on social media platform X, Schwartz began mining in 2011, at a time when Bitcoin was already trading around $30.

He made the statement after a user posted a photo of him wearing a red “Bitcoin miner” T-shirt. Schwartz confirmed the image and recalled that he had purchased the shirt using Bitcoin through a seller on one of the early forums. He described it as an incredible experience to purchase a real item using BTC back then.

Although he joined the market relatively early, he seemed a bit disappointed at not having heard about Bitcoin earlier. Schwartz remarked that he had already lost the chance to witness the time when Bitcoin was traded at a low of $2.50, which has since become a thing of the past by the time he joined.

He admitted that he sold those Bitcoins at some point, using the money to invest in XRP and Ethereum, which are digital resources that currently constitute his primary focus.

Also Read: Ripple (XRP) vs SEC Lawsuit Update: Where the Case Stands as of July 6, 2025

CTO Cites Scalability and Energy Concerns for Bitcoin Exit

Schwartz has explained that his decision to leave Bitcoin behind was influenced by concerns over its energy usage and scalability. He has frequently criticized the Bitcoin network’s reliance on proof-of-work, describing it as inefficient for long-term growth.

In contrast, Ripple’s consensus model and Ethereum’s shift to proof-of-stake align more closely with his views on sustainable blockchain development. Both platforms have mechanisms that use less power and enhance the speed and effectiveness of transactions.

Schwartz has been open about his crypto journey over the years, including dealing with rumors about who he was. At other times, there have been rumors that he is Satoshi Nakamoto, the unknown creator of Bitcoin, but Schwartz has constantly denied these allegations.

In another tweet some time back, he explained that though he could have the capacity to be incorporated at that level, he was not involved in the creation of Bitcoin. In his words, he had only heard of the digital currency in 2011, way after the development stage of the currency was over.

David Schwartz’s confirmation of mining 250 BTC before turning to XRP and ETH adds new insight into his early activity in the crypto space. His shift reflects a strategic focus on digital assets that aim to resolve key challenges seen in first-generation cryptocurrencies.

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