Canaan Lands Tether Order for Customized Bitcoin Mining Systems

Canaan (NASDAQ: CAN) Inc. has secured a follow-on order from Tether for customized bitcoin mining hardware, extending a collaboration that signals how large industry players are rethinking mining infrastructure as more flexible, system-level compute platforms.

The Singapore-listed Avalon miner manufacturer said Tuesday the order covers high-density hash board modules tailored for Tether’s immersion-cooled mining systems. The equipment will be deployed at a Tether-affiliated site in South America, following a proof-of-concept project last year involving Swiss engineering firm ACME Swisstech. Details of the purchase order regarding the amount of hashrate are not disclosed.

The deal builds on a 2025 framework agreement under which Canaan developed modular hardware components while Tether worked on its own control boards and management software. The result is a system architecture that separates compute modules from traditional mining enclosures and power systems — a departure from the industry’s standard “plug-and-play” rigs.

Canaan Chief Executive Nangeng Zhang said the approach reflects growing demand for customizable hardware that can be integrated directly into operator-designed systems. The company’s modular platform is designed to improve efficiency and thermal management, particularly in immersion-cooled environments where heat dissipation is critical.

For Tether, the world’s largest stablecoin issuer, the partnership underscores a broader push beyond its traditional role in digital asset liquidity into mining infrastructure and software. Chief Executive Paolo Ardoino said the company is seeking to move away from fixed, sealed mining units toward systems that can be tuned and upgraded at the component level, giving operators tighter control over cost and performance.

The hardware deal comes days after Tether introduced its open-source Mining Development Kit, a software stack aimed at unifying how mining operations are monitored and managed. By pairing proprietary hardware integrations with open software tools, Tether is positioning itself as a full-stack infrastructure provider in bitcoin mining — a shift that mirrors trends seen in the broader data center and high-performance computing sectors.

The agreement also includes an option for Tether to expand purchases in future phases, suggesting the initial deployment could scale if the architecture proves effective.