Canaan and Tether Deepen Partnership With Immersion-Cooled Mining Deployment in South America

Canaan specializes in ASIC chips and Bitcoin mining equipment, while Tether is best known as the issuer of the USDT stablecoin and has expanded into Bitcoin mining in recent years. In 2025, the companies worked with Swiss research and development firm ACME Swisstech to complete a proof of concept for a modular architecture separating computing power, power supplies and enclosures. The design is intended to improve cooling, maintenance and upgrade efficiency.

Canaan said on April 28, 2026, that it had secured an additional order from Tether for customized, high-density Avalon hashboard modules. The modules will be used in next-generation immersion-cooled mining and computing systems deployed at South American mining sites operated by a Tether affiliate. The companies did not disclose the order value, number of modules, total computing power or operational launch date.