Mentioned:
CAN -7.96% GLXY -11.51%
Tether wants to be on the leading edge of innovation in Bitcoin mining. Which is exactly why they are buying new custom built hardware from Canaan.
What’s happening:
- Canaan (NASDAQ: CAN) has landed a new purchase order from Tether for high density mining hash board modules
Why it matters:
- Canaan custom developed these high density mining hash board modules specifically to support Tether’s immersion-cooled mining and compute systems which are used for next generation Bitcoin mining
Going deeper:
- Tether and Canaan have also agreed upon an option for Tether to be able to purchased more mining hash board modules as they scale up their operations
- Tether has publicly stated they will deploy Canaan’s high density mining hash board modules at a data centre located in South America which are managed by Bitcoin mining company Elektron Energy
The intrigue:
- Galaxy Digital (NASDAQ: GLXY) and the crypto asset management arm of hedge fund Brevan Howard previously made waves when they led a $72M USD equity financing round into Canaan
The fine print:
- No financial terms of the purchase order from Tether have been publicly disclosed yet
