Canaan Secures New Order from Tether for Immersion-Cooled Bitcoin Mining Hardware

Gate News message, April 29 — Bitcoin mining hardware manufacturer Canaan (Nasdaq: CAN) announced on Tuesday (April 28) a new order from Tether for customized bitcoin mining equipment designed for immersion-cooling systems, to be deployed at Tether’s facilities in South America.

The collaboration extends a research partnership between Canaan and Tether with ACME Swisstech dating back to 2025, which has produced a proof-of-concept platform aimed at improving mining efficiency and scalability. Tether is simultaneously developing proprietary control boards and management software, reflecting its push toward deep integration of mining hardware and software. The agreement includes options for additional purchases, providing Tether with flexibility to expand its infrastructure.

Canaan holds 1,808 BTC, valued at approximately $137 million, marking its historical high holdings. The announcement comes one day after Tether unveiled an open-source mining framework, further expanding its bitcoin mining infrastructure footprint.