Tether is developing a new class of modular bitcoin mining infrastructure with Canaan and ACME Swisstech, aiming to assert greater control over the cost, energy, and performance stack behind industrial-scale mining.

The new systems are built around application-specific hash board modules instead of fully assembled mining rigs, with Tether integrating those components into its own control architecture, thermal management systems, and software stack, according to an announcement on Tuesday.

In practical terms, Tether is trying to break apart the fixed, sealed-box model that has long defined bitcoin mining hardware.

Tether’s design separates compute from power and enclosure so each piece can be optimized independently. Combined with immersion cooling, that approach is meant to reduce energy overhead, improve efficiency, and raise system availability.

"Most mining infrastructure is still built as sealed, fixed units, which makes it expensive to scale and inefficient to run," CEO Paolo Ardoino said in the release. Tether, he said, is “revisiting that concept” with modular compute that can be tuned, upgraded, and cooled independently.

Canaan (CAN) and ACME framed the effort in similar terms. Canaan said the partnership reflects rising demand for modular, high-performance hardware that can be integrated into custom systems, while ACME said the project moves away from "plug-and-play, retail-oriented products" toward a more industrial design approach.

Infrastructure play

The announcement is the latest step in a mining push that has become a meaningful part of Tether’s business beyond stablecoins.

While the company is still best known as the issuer of USDT, the world’s largest stablecoin, it has spent the past year widening its footprint across bitcoin (BTC) infrastructure.

Last week, Tether disclosed an 8.2% stake in Bitmain-linked mining finance firm Antalpha. Earlier this year, it open-sourced its Bitcoin Mining OS, or MOS, in a bid to challenge proprietary mining software.

In December, The Block reported that Tether-backed Northern Data sold its Peak Mining arm to companies run by Ardoino and co-founder Giancarlo Devasini, in a deal that underscored how deeply the firm had moved into the sector.

The growing expansion has been explicit from the top. Ardoino said last year Tether would become the world’s biggest bitcoin miner by the end of 2025, tying the strategy to the need to hedge and secure the company’s bitcoin holdings.