Tether Partners with Canaan to Develop Modular Bitcoin Mining Hardware

Tether, the issuer of USDT, the world's largest stablecoin, is partnering with Canaan and ACME Swisstech to develop modular bitcoin mining systems built around customizable hash board modules rather than sealed mining rigs. The design separates compute from power and enclosure, uses immersion cooling to improve efficiency, and integrates components into Tether's own control architecture and software stack. CEO Paolo Ardoino stated Tether aims to become the world's biggest bitcoin miner by end of 2025, tying the strategy to hedging Tether's bitcoin holdings. The move extends Tether's mining push, which includes open-sourcing its Bitcoin Mining OS in 2025, disclosing an 8.2% stake in Bitmain-linked Antalpha, and acquiring Peak Mining in December 2024.

Modular Bitcoin Mining Hardware Development with Canaan and ACME

• ▪Tether's new mining systems are built around application-specific hash board modules instead of fully assembled mining rigs
• ▪Paolo Ardoino stated that most mining infrastructure is still built as sealed, fixed units, which makes it expensive to scale and inefficient to run
• ▪Canaan said the partnership with Tether reflects rising demand for modular, high-performance hardware that can be integrated into custom systems
• ▪ACME Swisstech said the Tether mining project moves away from plug-and-play, retail-oriented products toward a more industrial design approach
• ▪Tether is developing modular bitcoin mining infrastructure with Canaan and ACME Swisstech
• ▪Tether integrates hash board components into its own control architecture, thermal management systems, and software stack
• ▪Tether's modular mining design separates compute from power and enclosure so each piece can be optimized independently

Tether's Expanding Bitcoin Mining Infrastructure Strategy

• ▪Paolo Ardoino tied Tether's bitcoin mining strategy to the need to hedge and secure Tether's bitcoin holdings
• ▪Tether open-sourced its Bitcoin Mining OS (MOS) earlier in 2025 in a bid to challenge proprietary mining software
• ▪In December 2024, Tether-backed Northern Data sold its Peak Mining arm to companies run by Paolo Ardoino and Giancarlo Devasini
• ▪Tether disclosed an 8.2% stake in Bitmain-linked mining finance firm Antalpha last week
• ▪Tether is the issuer of USDT, the world's largest stablecoin
• ▪Paolo Ardoino said in 2024 that Tether would become the world's biggest bitcoin miner by the end of 2025

Perspective of Tether (Paolo Ardoino)

• ▪Paolo Ardoino views sealed, fixed mining units as expensive to scale and inefficient to run
• ▪Tether's bitcoin mining strategy is tied to hedging and securing Tether's bitcoin holdings