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Tether Expands Bitcoin Mining Partnership With Canaan for Custom Immersion-Cooled Hardware
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Canaan’s Bitcoin holdings over time. Source: BitcoinTreasuries.NETTether has placed an additional order with Singapore-based mining hardware maker Canaan for custom Bitcoin mining equipment, extending a collaboration that began with a 2025 research and development partnership through ACME Swisstech. Under the new agreement, Canaan will supply high-density hash board modules designed specifically for immersion-cooled mining systems, with deployment planned at a Tether-linked facility in South America. The deal includes an option for additional purchases, giving Tether the flexibility to scale its infrastructure if the new system design performs as expected. Canaan holds 1,808 BTC on its balance sheet valued at approximately $137 million, its highest level of retained Bitcoin to date, reflecting a broader trend of mining hardware companies accumulating the assets their machines produce.The announcement follows Tether's release earlier this week of an open-source framework for managing Bitcoin mining hardware and software through a single unified system.
Tether is also developing its own control boards and management software, signaling a deliberate push toward tighter vertical integration across its mining operations rather than relying entirely on third-party tooling. The combination of custom hardware from Canaan, proprietary software development, and a South American deployment facility paints a picture of Tether building a mining operation with data center-grade sophistication rather than the standardized setups that have characterized most industrial Bitcoin mining to date. For Canaan, the deal deepens its role as a custom hardware provider for large-scale operators at a time when the broader mining hardware market is under pressure from the industry's shift toward AI infrastructure.
