Canaan (CAN) has secured an extra order from Tether for customized Bitcoin mining {hardware}, extending their collaboration past an earlier analysis and improvement effort that examined new system designs for large-scale mining.
Beneath the brand new order, Canaan will provide high-density hash board modules designed for immersion-cooled programs, with utilization deliberate at a Tether-linked facility in South America, the crypto mining tech maker introduced on Tuesday.
Canaan is supplying these programs to deepen its function as a customized {hardware} supplier for large-scale operators reminiscent of Tether. The settlement follows a 2025 R&D partnership with ACME Swisstech, which resulted in a proof-of-concept platform to enhance effectivity and scalability in mining operations.
Tether, the issuer of the most important stablecoin (USDT), can also be growing its personal management boards and administration software program, signaling a transfer towards tighter integration between {hardware} and software program inside its mining operations.
The settlement contains an choice for extra purchases, giving Tether flexibility to scale its infrastructure if the brand new system design performs as anticipated. That is seen as a possible step towards extra custom-made, information middle–model Bitcoin (BTC) mining.
Canaan Inc. is a Singapore-based expertise firm centered on ASIC microprocessors and Bitcoin mining {hardware}. It holds 1,808 BTC on its stability sheet, valued at roughly $137 million, its highest stage of retained Bitcoin so far.
Canaan’s Bitcoin holdings over time. Supply: BitcoinTreasuries.NET
Associated: Crypto miner Canaan sinks 7% regardless of strongest quarter in 3 years
Tether expands mining push as {industry} pivots towards AI infrastructure
The announcement got here a day after Tether mentioned it was increasing into Bitcoin mining infrastructure by releasing an open-source framework that lets operators handle their mining {hardware} and software program by a single system.
BTC miners are within the midst of a broad {industry} shift that is seen a number of established miners, together with HIVE Digital, TeraWulf and MARA Holdings, diversifying into information facilities and synthetic intelligence workloads to offset strain on mining revenues.
Analysts at Bernstein not too long ago mentioned IREN may finally part out a lot of its mining enterprise to give attention to AI cloud infrastructure, citing a difficult working setting for Bitcoin miners.
AI cloud companies are anticipated to turn out to be IREN’s main income within the coming years. Supply: Bernstein
Canaan’s Nasdaq-traded shares had been down about 1% mid-day on Tuesday in gentle buying and selling. CoinShares Bitcoin Mining ETF (WGMI) was down about 5.7%. That industry-tracking exchange-traded fund’s holdings embody CAN shares, at lower than 0.6% weight.
Associated: Bitcoin mining issue falls, however is projected to rise in subsequent adjustment