- Canaan secured a new hardware order from Tether for Bitcoin mining modules designed for immersion-cooled systems.
- The agreement includes an option for more purchases, allowing Tether to scale based on system performance.
- Tether is also developing its own control software, aiming for tighter integration in its mining operations.
- This deal extends their partnership beyond an earlier R&D effort with ACME Swisstech.
- The mining hardware is earmarked for a facility in South America linked to Tether.
On Tuesday, Canaan announced a significant new order from stablecoin giant Tether for specialized Bitcoin mining hardware. The high-density hash board modules are intended for a Tether-linked facility in South America, deepening Canaan’s role as a custom hardware supplier.
This order follows a successful 2025 research and development partnership with ACME Swisstech. That collaboration created a proof-of-concept platform to boost efficiency in large-scale mining operations.
Meanwhile, Tether is advancing its in-house software to manage this new hardware. The firm is developing proprietary control boards and management software, signaling a move toward tightly integrated mining systems.
The new agreement strategically includes an option for Tether to purchase more equipment. Consequently, this provides flexibility to scale infrastructure if the system design performs as expected.
This deal is a potential step toward more customized, data center–style Bitcoin mining infrastructure. Data shows Canaan itself holds 1,808 BTC, valued at roughly $137 million, its highest level of retained Bitcoin to date.
The announcement came just a day after Tether revealed it was expanding its mining push with an open-source framework. This framework lets operators centrally manage both hardware and software.
However, the broader Bitcoin mining industry faces significant revenue pressure. Established miners like HIVE Digital, TeraWulf, and MARA Holdings are diversifying into data centers and Artificial Intelligence workloads.
Analysts at Bernstein recently suggested IREN could phase out much of its mining to focus on AI cloud services. They cited a challenging operating environment for Bitcoin miners as the primary reason.
Canaan’s Nasdaq-traded shares were down about 1% in light mid-day trading on Tuesday. Meanwhile, the CoinShares Bitcoin Mining ETF (WGMI), which holds CAN shares, was down about 5.7%.
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