Canaan has successfully developed customized hash boards for Tether under a pre-agreed R&D framework

Modular architecture enables higher compute density, reduced waste, simplified maintenance, and easier upgrade capability

SINGAPORE, April 28, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ:CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that it has secured a follow-on order from Tether for high-density mining hash board modules (the "Modules"). These Modules were custom-developed by Canaan to support Tether's next-generation immersion-cooled mining and compute systems.

The agreement follows a successful proof-of-concept (POC) R&D project in 2025 in collaboration with Tether and ACME Swisstech, a Swiss based R&D company developing innovative mining system solutions. The follow-on order 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 their custom control boards and mining management systems. These components integrate the Modules into self-contained mining units with direct system-level integration. This architecture simplifies infrastructure and operations while enabling optimized thermal management, dynamic hash rate control, and increased compute density.