Tether selects Canaan modules to power mining sites
Key Takeaways:
Canaan has secured a follow-up order from Tether for custom hash board modules to be deployed to South America in 2026. The modular system, developed with ACME's Swisstec, reduces operational complexity and increases computation for large-scale dip-cooling mining. Tether has the option to purchase additional modules. Volumemarks the multi-level expansion of the partnership.
Canaan Targets Big Miners with Avalon Modules in Tether Deal
The deal builds on an R&D project completed in 2025, in which Canaan (NASDAQ: CAN) and Tether partnered with ACME Swisstech, a Swiss company focused on industrial mining system design. That early collaboration led to a modular architecture now in production.
In the framework of 2025, Canaan supported Tether by developing hash board modules and building custom control boards and mining management systems. Together, these elements form independent mineral units with direct system-level integration.
The modular design separates the computer board from the power supply and enclosure components. That separation reduces infrastructure complexity, enables dynamic hash rate control, and supports optimized thermal management in immersion cold environments.
According to Canaan CEO Nangeng Zhang, demand is shifting to hardware designed for direct integration into customer-designed systems. “Using our strong ASIC design expertise and flexible development platform, we are offering customized hash board solutions that allow partners to optimize system architectures at the class level,” Zhang said. He added that the Avalon hash board enables on-demand deployment while reducing operational complexity, particularly in immersion coolers.
Tether CEO Paolo Arduino pointed out the limits of traditional mining infrastructure. “Most mining infrastructure is still built as packaged and fixed units, which makes it expensive to scale and inefficient to run,” Arduino said. Tether's approach focuses on modular computing, which can be configured, optimized and cooled independently, so the company can control costs and performance.
ACME Swisstec President Giov Zanganeh said the three-way collaboration has enabled the group to take a holistic and industrial co-design approach focused on large-scale operations, which differs from plug-and-play retail-oriented products common in the market today.
The modules are built around Canaan's advanced ASIC chips and are part of the company's next-generation module mining and computing hardware platform. Canaan puts a dynamic integration platform on partner-designed systems.
The deal includes an option for Tether to purchase additional module sizes for future phases, which could help scale up operations for larger deployments.
Canaan has been listed on the Nasdaq Global Market since its IPO in 2019. The company It traces its history with ASIC mining hardware to 2013, when the founding team installed the first machines under the Avalon brand.
Tether is known as the world's largest stablecoin USDT issuer by market capitalization. The company has expanded into bitcoin mining infrastructure in recent years, including the development of open source mining software.
The Canaan-Tether partnership reflects growing operator demand for segment-level control over mining infrastructure.
