The deal follows a 2025 research and development partnership between Canaan, Tether, and ACME Swisstech
Bitcoin News
Canaan Inc. has secured a new hardware order from Tether, supplying high-density hash board modules built for immersion-cooled Bitcoin mining systems. The modules are destined for a Tether-linked facility in South America, the Singapore-based mining hardware maker announced Tuesday.
The deal follows a 2025 research and development partnership between Canaan, Tether, and ACME Swisstech. That earlier effort produced a proof-of-concept platform focused on improving efficiency and scalability at an industrial mining scale. The new order includes an option for additional purchases, giving Tether room to expand capacity if the hardware meets performance targets.
The system separates compute from power and cooling into distinct, independently upgradeable components. Tether CEO Paolo Ardoino said in a statement that conventional mining infrastructure is "built as sealed, fixed units, which makes it expensive to scale and inefficient to run." ACME Swisstech President Giv Zanganeh described the design as taking "a holistic, industrial co-design approach aimed at large-scale operations," setting it apart from consumer-grade equipment.
Tether is also developing its own control boards and management software in parallel. The company released an open-source Mining SDK on Monday, one day before the hardware announcement, and has previously published a Mining OS under the same open-source model. The combined effort signals a move toward vertical integration across Tether's mining stack.
Canaan brings established expertise in application-specific integrated circuit design and Bitcoin mining hardware manufacturing to the partnership. The company holds 1,808 Bitcoin on its balance sheet, valued at approximately $137 million, its highest retained Bitcoin level on record. Canaan shares were down roughly 1% in midday Tuesday trading, while the CoinShares Bitcoin Mining ETF (WGMI), which holds CAN at under 0.6% weight, fell about 5.7%.
The announcement lands as the broader BTCmining industry shifts toward data center and artificial intelligence workloads. Companies such as HIVE Digital, TeraWulf, and MARA Holdings have moved into AI infrastructure to cushion the impact of thinning mining margins. Analysts at Bernstein have separately said IREN may eventually derive most of its revenue from AI cloud services rather than mining.
Tether's mining hardware push is one part of a wider expansion beyond its core $USDT stablecoin business. The company is also building decentralized AI infrastructure through its QVAC platform, which supports local, offline AI applications. The modular mining initiative reflects an effort to control more of the cost and performance variables in its Bitcoin operations directly.
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