Canaan Inc. has secured an additional order from Tether for custom Bitcoin mining hardware, extending their collaboration. The order is for high-density hash board modules designed for immersion-cooled systems, destined for a Tether-linked facility in South America. The agreement includes an option for additional purchases and follows a 2025 research and development partnership. This deal deepens Canaan’s role as a custom hardware provider for large-scale mining operators.
Canaan Inc. announced it secured an additional order from Tether for custom Bitcoin mining hardware. The order extends their collaboration beyond an earlier research and development effort.
Canaan will supply high-density hash board modules designed for immersion-cooled systems. These systems are planned for use at a Tether-linked facility in South America.
The agreement follows a 2025 R&D partnership with ACME Swisstech. That partnership resulted in a proof-of-concept platform to improve mining efficiency and scalability.
Tether is also developing its own control boards and management software. This signals a move toward tighter integration between hardware and software within its mining operations.
The agreement includes an option for additional purchases. This gives Tether flexibility to scale its infrastructure if the new system performs as expected.
Canaan is a Singapore-based technology company focused on ASIC microprocessors and Bitcoin mining hardware. The company holds 1,808 BTC on its balance sheet, valued at roughly $137 million.
The announcement came a day after Tether said it was expanding into Bitcoin mining infrastructure. It released an open-source framework for operators to manage hardware and software through a single system.
Bitcoin miners are in a broad industry shift diversifying into data centers and artificial intelligence workloads. Established miners like HIVE Digital, TeraWulf and MARA Holdings are making this pivot.
Analysts at Bernstein recently said IREN could eventually phase out much of its mining business. They cited a challenging operating environment for Bitcoin miners in favor of focusing on AI cloud infrastructure.
Canaan’s Nasdaq-traded shares were down about 1% mid-day Tuesday in light trading. The CoinShares Bitcoin Mining ETF (WGMI) was down about 5.7%.
