Canaan Inc. announced on April 28 2026 that it has secured a follow‑on order from Tether for high‑density mining hash‑board modules. The modules were custom‑developed under a pre‑agreed R&D framework and will be deployed at a Tether‑affiliated mining facility in South America.
The order follows a successful proof‑of‑concept project in 2025 that was conducted jointly with Tether and Swiss R&D firm ACME Swisstech. The modules are engineered to support Tether’s next‑generation immersion‑cooled mining and compute systems, offering higher compute density, reduced waste, and simplified maintenance. The modular architecture separates compute components from power supply and enclosure elements, allowing operators to scale and upgrade without replacing entire rigs.
By providing these modular hash boards, Canaan expands its product portfolio beyond its Avalon brand and strengthens its position as a flexible ASIC supplier. The partnership signals growing demand for modular, high‑efficiency mining hardware in the stablecoin ecosystem, and could open further sales opportunities for Canaan’s advanced ASIC chips as other operators look to modernize their fleets.
Canaan’s financial performance underscores the strategic importance of the order. Revenue rose 121.1 % YoY to $196.3 million in Q4 2025, while full‑year 2025 revenue reached $529.7 million, up 96.7 % YoY. However, the company posted a net loss of $85.0 million in Q4 2025, and gross margin fell to 7.4 % due to inventory write‑downs and higher mining costs. For Q1 2026, Canaan guided revenue of $60 million–$70 million, reflecting anticipated market softness and volatility. The new order aligns with Canaan’s long‑term strategy of integrating computing and energy infrastructure, and demonstrates the company’s ability to secure large, customized contracts even amid profitability challenges.
The order illustrates the broader industry trend toward modular mining architectures, where operators seek greater control over performance and energy use. While Canaan faces headwinds such as margin compression and cautious guidance, the partnership with Tether highlights a tailwind in demand for high‑density, immersion‑cooled hardware that can deliver higher efficiency and lower operating costs. This development reinforces Canaan’s competitive positioning and supports its ongoing efforts to diversify beyond the Avalon line.
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