On December 24, 2015, the Bitcoin network quietly reached a significant milestone: block 390,000 was mined at 09:33:51 UTC by BitFury, one of the leading industrial-scale mining operations of the era. The block carried a coinbase message referencing BIP100 and contained over 12,744 BTC in combined rewards and fees — a reminder of the sheer scale of Bitcoin mining even in its earlier years.
The milestone arrived during a period of steady growth for Bitcoin. Having traded around $357 during Thanksgiving weekend just one month prior, BTC had rallied to approximately $455 by Christmas Eve — a gain of roughly 27% in under 30 days. The total Bitcoin market capitalization stood at roughly $6.83 billion, with 24-hour trading volumes reaching $57.16 million, according to CoinMarketCap data from the same day.
TL;DR
- Bitcoin block 390,000 mined on December 24, 2015 by BitFury
- BTC price climbed to $454.99, up from ~$357 at Thanksgiving
- Bitcoin market cap reached approximately $6.83 billion
- 24-hour trading volume hit $57.16 million with a 2.63% daily gain
- Block contained 12,744.13 BTC in rewards and transaction fees
BitFury and the Industrialization of Bitcoin Mining
The mining of block 390,000 by BitFury underscored a broader trend that defined Bitcoin in late 2015: the transition from hobbyist mining to industrial-scale operations. BitFury, founded in 2011, had grown into one of the largest Bitcoin mining companies in the world, operating massive data centers across multiple continents. The coinbase message embedded in the block referenced BIP100, a controversial proposal by Jeff Garzik that would have allowed miners to vote on block size increases — a debate that would soon escalate into the block size war of 2016-2017.
At the time, Bitcoin mining difficulty was substantially lower than it would become in subsequent years, but the competitive landscape was already intensifying. Mining pools and hardware manufacturers were investing heavily in application-specific integrated circuits (ASICs), pushing individual miners out of the market and consolidating hash power among a handful of large players.
Bitcoin Group’s IPO Ambitions Hit Another Snag
The same day that block 390,000 was mined, Australian cryptocurrency mining company Bitcoin Group Limited filed a new prospectus with the Australian Securities and Investments Commission (ASIC). The filing represented yet another delay in the company’s long-running attempt to become the first Bitcoin mining firm to list on the Australian Securities Exchange (ASX).
The corporate regulator had required Bitcoin Group to appoint an “appropriately qualified independent expert” to explain the Bitcoin mining process and verify the mining equation presented in the company’s earlier prospectus. The new prospectus set an offer closing date of January 25, 2016, though the listing would face further delays in the months ahead. The offer was not underwritten, highlighting the regulatory uncertainty surrounding cryptocurrency businesses seeking public market access at the time.
A Market in Quiet Accumulation
Beyond the mining sector, the broader cryptocurrency market on Christmas Eve 2015 was characterized by low volatility and modest gains. Bitcoin’s 24-hour change of +2.63% suggested a market in accumulation mode, with investors positioning themselves ahead of what would prove to be a transformative year. In 2016, Bitcoin would begin its historic run from the mid-$400s to over $900, setting the stage for the explosive rally of 2017.
The top five cryptocurrencies by market capitalization on December 24, 2015 were Bitcoin ($6.83B), XRP ($200M), Litecoin ($159M), Ethereum ($65M), and Dash ($16.9M). The total cryptocurrency market capitalization was approximately $7 billion — a fraction of what it would become within just two years.
Why This Matters
Block 390,000 represents more than just a sequential number on the blockchain. It was mined at a turning point in Bitcoin’s history — when the network was transitioning from an experimental technology to a maturing financial system. The industrial mining operations, the regulatory scrutiny of public listings, and the steady price appreciation all pointed to a market that was preparing for its next major phase. Within 18 months, Bitcoin would surpass $5,000, and the crypto landscape would be forever changed.
Disclaimer: This article is for historical and informational purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always conduct your own research before making investment decisions.