Canaan Inc. (NASDAQ: CAN) announced it has received a follow-on order from Tether for high-density mining hash board modules. The modules were custom-developed by Canaan to support Tether's immersion-cooled mining and compute systems.

The order follows a proof-of-concept research and development project completed in 2025 in collaboration with Tether and ACME Swisstech, a Swiss-based company developing mining system solutions. The modules will be deployed to a Tether-affiliated mining facility in South America.

Under the 2025 framework agreement, Canaan developed the modules and provided support for Tether's development of custom control boards and mining management systems. These components integrate the modules into self-contained mining units with direct system-level integration.

The modules are part of Canaan's modular mining and compute hardware platform built around its ASIC chips. The system designed by ACME Swisstech integrates Canaan's modular platform by decoupling the compute layer from power supply and enclosure components.

"As a leader at the forefront of market trends, we are seeing growing demand for modular, high-performance hardware that can be integrated directly into customer-designed systems," said Nangeng Zhang, chairman and chief executive officer of Canaan.

"Most mining infrastructure is still built as sealed, fixed units, which makes it expensive to scale and inefficient to run. Tether is revisioning that concept by deploying modular compute that can be tuned, upgraded, and cooled independently," said Paolo Ardoino, CEO of Tether.

The agreement includes an option for Tether to purchase additional module volume in future phases, supporting potential expansion as deployments scale.