Tether and Canaan Strengthen Collaboration on Advanced Immersion-Cooled Mining Technology
The stablecoin giant Tether places fresh order with Canaan for specialized modular mining equipment as it builds out sophisticated, data center-grade Bitcoin mining infrastructure.
Canaan (CAN) has locked in a fresh order from Tether for specialized Bitcoin mining equipment, building upon a previous research and development initiative that explored innovative system architectures for enterprise-scale mining deployments.
According to Tuesday's announcement from the cryptocurrency mining technology manufacturer, the latest purchase order calls for Canaan to deliver high-density hash board modules engineered specifically for immersion-cooled configurations, with deployment scheduled at a Tether-affiliated mining facility located in South America.
By supplying these specialized systems, Canaan is strengthening its position as a bespoke hardware vendor serving major operators like Tether. The arrangement builds on a 2025 research and development collaboration with ACME Swisstech, which yielded a proof-of-concept infrastructure designed to enhance both efficiency and scalability across mining deployments.
Tether, which operates the largest stablecoin by market capitalization (USDT), is simultaneously creating its own proprietary control boards and management software, indicating a strategic shift toward closer integration of hardware and software components throughout its mining infrastructure.
Built into the arrangement is an option for Tether to place follow-on orders, providing the company with operational flexibility to expand its mining infrastructure should the newly designed system architecture deliver anticipated performance results. Industry observers view this as a possible transition toward more tailored, data center–oriented Bitcoin (BTC) mining configurations.
Canaan Inc. operates as a Singapore-headquartered technology firm specializing in ASIC microprocessor development and Bitcoin mining equipment manufacturing. The company maintains 1,808 BTC on its corporate balance sheet, currently worth approximately $137 million, representing its largest Bitcoin reserve position in company history.
Tether expands mining push as industry pivots toward AI infrastructure
This announcement arrived one day following Tether's disclosure that it would scale up its Bitcoin mining infrastructure operations by launching an open-source framework enabling mining operators to oversee both their hardware and software components via a unified management system.
BTC mining operations are currently navigating a widespread industry transformation that has prompted multiple prominent miners, such as HIVE Digital, TeraWulf and MARA Holdings, to expand their business models into data center services and artificial intelligence computing workloads as a hedge against declining mining profitability.
Investment analysts from Bernstein indicated recently that IREN might ultimately wind down a substantial portion of its Bitcoin mining operations in favor of concentrating on AI cloud infrastructure services, pointing to difficult market conditions facing cryptocurrency miners.
Trading on the Nasdaq exchange Tuesday, Canaan's stock price declined approximately 1% during midday hours amid relatively low volume. Meanwhile, the CoinShares Bitcoin Mining ETF (WGMI) experienced a roughly 5.7% decrease. The sector-focused exchange-traded fund includes CAN shares among its holdings, representing under 0.6% of its portfolio weighting.