Tether adds additional orders for Canaan mining modules, deploying them in South America in 2026

On April 28, Canaan Inc. announced that it has secured Tether’s follow-on order, which will provide Tether with custom high-density power-board (compute board) modules for its related facilities in South America, with a deployment plan to be carried out in 2026. According to the announcement, this order is built upon the concept proof (PoC) development project for Canaan, Tether, and ACME Swisstech, a Swiss industrial mining equipment systems design company.

Order Background and the 2025 Three-Party Cooperation Framework

According to the April 28 announcement, Canaan and Tether, together with ACME Swisstech, launched a concept proof cooperation project in 2025, focusing on the customized design of industrial mining machine systems. Under this framework, Canaan develops compute board modules and assists Tether in building custom control boards and mining management systems; the above components together form standalone mining units with direct system-level integration capabilities.

The announcement states that the modular architecture has already entered mass production, and this follow-on order is an extension of the 2025 cooperation framework, with the goal of deploying the validated modular system to Tether’s related facilities in South America.

Modular System Design: Layered Architecture and Immersion Cooling Fit

According to the announcement, the mining modules jointly designed by Canaan and ACME Swisstech adopt a layered architecture that separates the compute layer from the power supply and chassis components. The announcement explains that this design supports dynamic compute control and achieves optimized thermal management in an immersion-cooling environment, aiming to reduce infrastructure complexity for large-scale mining farms. The module is built on Canaan’s Avalon ASIC chips and belongs to Canaan’s modular mining and computing hardware platform, positioned as a component-level solution that can be integrated into partners’ customized systems.

Statements from the Three-Party Executives

According to the April 28 announcement, Canaan CEO Zhang Nangeng said: “With our strong ASIC design expertise and flexible development platform, we are providing customized compute board solutions so that our partners can optimize system architecture at the component level. The Avalon compute board supports on-demand deployment and reduces operational complexity in immersion-cooling environments.”

Tether CEO Paolo Ardoino said: “Most mining infrastructure still uses sealed, fixed unit structures, which leads to high expansion costs and low operating efficiency. Tether’s solution is centered on modular computing—each module can be independently tuned, upgraded, and cooled, allowing the company to effectively manage costs and performance during large-scale operations.”

ACME Swisstech chairman Giv Zanganeh said that the three-party cooperation adopts an “integrated, industrial-grade collaborative design approach for large-scale operations,” which differs from the plug-and-play, retail-oriented products commonly found in today’s market.

Frequently Asked Questions

What are the core contents of Canaan’s follow-on order with Tether?

According to the April 28 announcement, Canaan will provide Tether’s related facilities in South America with custom high-density compute-board (power-board) modules for deployment planned in 2026, and the agreement also includes option terms allowing Tether to purchase additional modules in subsequent phases.

What is the technical cooperation basis for this order?

According to the announcement, this order is based on the concept proof (PoC) development project completed by Canaan, Tether, and ACME Swisstech in 2025. The modular mining system jointly designed by the three parties has now entered mass production.

What company is Canaan Inc.? Where is it listed?

Canaan Inc. (Nasdaq ticker code: CAN) has been listed on the Nasdaq Global Market since 2019. Its ASIC mining rig R&D history traces back to 2013, when it first launched commercial bitcoin mining rigs under the Avalon brand.