NYSE Avalanche Deal: Wall Street Settles Stocks On-Chain

The NYSE Avalanche deal puts a public-chain technology under the plumbing of Wall Street. On Monday, November 9, Ava Labs said Avalanche will be the “core ledger technology” for the clearing firm behind an NYSE-affiliated tokenized securities platform, according to Decrypt. However, the platform is not live yet. It still needs regulatory approval. For bitcoin miners, the news is interesting but indirect.

What the NYSE Avalanche deal covers

CoinDesk reports the venue is an alternative trading system built for round-the-clock trading and settlement. It pairs the exchange’s Pillar trading engine with blockchain-based clearing, settlement and custody. Overall, the stated aims are 24/7 trading, instant settlement and stablecoin-based funding.

Ava Labs’ chief business officer, John Nahas, told CoinDesk the NYSE will run its own custom blockchain built on Avalanche technology. In other words, settlement will not happen on Avalanche’s public chain. Besides that, he said the work was “over a year in the making”. Dennis Lee, the NYSE’s head of digital issuance, said: “We’re picking the right technology for each job.”

What the NYSE Avalanche deal does not mean

First, Avalanche is not the only chain involved. CoinDesk says the platform is designed to support stocks issued on a range of networks. Second, nothing has launched. Regulators must approve the venue. Third, Wall Street is not picking one winner. Nasdaq is building its own tokenized stock infrastructure, and the DTCC launched a tokenization service last month on a private chain.

The market liked it anyway. CoinDesk says AVAX rallied after the news. However, one day of price action is not a verdict, and we will not read it as one. Meanwhile, Decrypt notes a related OKX-ICE venue has met friction: every Magnificent Seven company opted out of tokenization there.

What it means for bitcoin miners

We see no direct effect on bitcoin hashprice. Avalanche does not use proof of work, and no mining revenue moves with this deal. Instead, the indirect effect is about attention and capital. Institutions are building on programmable chains, and some of that money competes with bitcoin for headlines. Our bitcoin price prediction page tracks where bitcoin itself trades.

Miner math: bitcoin hashprice today

Here is the live maths on November 9. Bitcoin is $74,652 and the network is 968 EH/s, so hashprice is about $35.02 per petahash per day. That is what one PH/s of hashing earns before power.

Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. See what these machines really sold for in our used ASIC miner price index. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.

If money rotating into other chains cost bitcoin 5%: the break-even power price on an S19k Pro falls from 6.3 to 6.0 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.05 to -$1.25.

That scenario is a “what if”, not a forecast. The honest point is simple. Your margin depends on your power price and the machine you run, not on a stock exchange’s ledger. Read our mining economics guides to check yours.

Machines that no longer pay can go to us: sell your used miners. To buy, see all miners.

-Nick
ING Mining

This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.

How this story was made: drafted with the help of AI tools from public sources, then edited by Nick Squires. See our editorial policy. Spot an error? Email ns@ingmining.com.