Canaan receives new order from Tether to supply immersion-cooled bitcoin mining hardware

According to ChainCatcher, Bitcoin mining machine manufacturer Canaan (NASDAQ: CAN) announced on Tuesday that it has received a new batch of custom Bitcoin mining hardware orders from Tether. Canaan will supply high-density hashboard modules specifically designed for immersion cooling systems, which are planned for deployment at Tether’s affiliated facilities in South America.

This collaboration continues the R&D partnership between the two parties and ACME Swisstech established in 2025, which has already produced proof-of-concept platforms aimed at enhancing mining efficiency and scalability. Tether is also developing its own control boards and management software, indicating it is promoting deep integration of mining hardware and software. The agreement includes an additional purchase option, giving Tether flexibility to expand its infrastructure.