Canaan (CAN) has secured a further order from Tether for customized Bitcoin mining {hardware}, extending their collaboration past an earlier analysis and growth 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 methods, with utilization deliberate at a Tether-linked facility in South America, the crypto mining tech maker introduced on Tuesday.
Canaan is supplying these methods 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 largest stablecoin (USDT), can 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 consists of an possibility 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, knowledge middle–model Bitcoin (BTC) mining.
Canaan Inc. is a Singapore-based know-how firm centered on ASIC microprocessors and Bitcoin mining {hardware}. It holds 1,808 BTC on its steadiness sheet, valued at roughly $137 million, its highest stage of retained Bitcoin up to now.
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 stated it was increasing into Bitcoin mining infrastructure by releasing an open-source framework that lets operators handle their mining {hardware} and software program by way of 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 knowledge facilities and synthetic intelligence workloads to offset strain on mining revenues.
Analysts at Bernstein not too long ago stated IREN may finally section 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 develop into IREN’s main income within the coming years. Supply: Bernstein
Canaan’s Nasdaq-traded shares have been down about 1% mid-day on Tuesday in mild buying and selling. CoinShares Bitcoin Mining ETF (WGMI) was down about 5.7%. That industry-tracking exchange-traded fund’s holdings embrace CAN shares, at lower than 0.6% weight.
Associated: Bitcoin mining problem falls, however is projected to rise in subsequent adjustment
