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Canaan (CAN) said it has secured an additional order from Tether for custom Bitcoin mining hardware, extending their collaboration beyond an earlier research and development effort that tested new system designs for large-scale mining.
Under the new order, Canaan will supply high-density hash board modules designed for immersion-cooled systems. The company said the modules are planned for use at a Tether-linked facility in South America.
Canaan said the supply agreement is intended to deepen its role as a custom hardware provider for large-scale operators such as Tether. The announcement follows a 2025 R&D partnership with ACME Swisstech, which produced a proof-of-concept platform aimed at improving mining efficiency and scalability.
Tether, the issuer of the largest stablecoin (USDT), is also developing its own control boards and management software. Canaan said this points to tighter integration between hardware and software in Tether’s mining operations.
The agreement includes an option for additional purchases, giving Tether flexibility to expand its infrastructure if the new system design performs as expected. Canaan described the arrangement as a potential step toward more customized, data center–style Bitcoin (BTC) mining.
Canaan Inc. is a Singapore-based technology company focused on ASIC microprocessors and Bitcoin mining hardware. The company reported holding 1,808 BTC on its balance sheet, valued at roughly $137 million—its highest level of retained Bitcoin to date.
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