publish date 2026-05-01
Welcome back! This is Canaan’s weekly update on bitcoin mining, energy, and compute infrastructure.
For most of the last decade, mining hardware was sold one way: a sealed box, with the chip, the hash board, the power supply, and the enclosure as a single purchase. Now, a small but growing number of large operators just want the chip and the hash board, and they’ll build everything else themselves.
Block’s Proto team and Core Scientific tried this in 2024: Block supplied the 3nm chip, with ePIC Blockchain co-designing the rig for Core’s needs. That was roughly 15 EH/s of capacity, structured as a chip-plus-platform deal. However, progress since the announcement has not been very clear.
And this week Canaan and Tether added another data point. After a 2025 proof-of-concept at one of Tether’s European facilities, Canaan secured a follow-on order for custom-developed hash board modules to be deployed in South America. Canaan provides the modules; Tether designs the control boards and immersion tanks around them. Paolo Ardoino’s framing is the giveaway: the approach lets Tether "tailor infrastructure to our needs, particularly for immersion-cooled systems where efficiency, reliability, and ease of operation are critical."
These deals still represent a relatively limited portion of the broader market. But they seem to be pointing towards a trend. And they are testing a version of the same thesis: that compute is a building block, and the operator integrates it. If that thesis holds, mining hardware could begin to look a lot more like the data center industry it has always been adjacent to.
In the News
Network at a Glance
Project Spotlight
In 2014, Canaan shipped a Bitcoin miner the size of a USB stick.
The original Avalon Nano was a single A3233 chip on a tiny board, drawing about 1 watt and producing roughly 3.6 GH/s of SHA-256 hashrate. That was enough to out-hash most graphics cards of the era by a factor of three or four.
The Nano was Canaan’s gesture toward the everyone-can-mine philosophy that defined early Bitcoin: a small device that let a curious developer plug into a stratum pool and be a miner, in the same year that rackmount Avalons were being trucked into the first industrial farms. Hobbyists chained dozens of them together through powered USB hubs to build hand-made rigs.
The Nano line never really died. The DNA traveled forward - through Nano 2 in 2015, and now Nano 3S, a 6 TH/s home miner that doubles as a space heater. A decade on, the form factor that started as a curiosity is the architecture under Canaan’s home mining business.
Events and Media
Follow and Contact Us
Disclaimer: This newsletter shares industry commentary and third-party news for informational purposes only. The views and opinions expressed by third-party sources are those of their respective authors and do not necessarily reflect the views of Canaan Inc. For official news, please refer to Canaan’s press releases and SEC filings at https://investor.canaan-creative.com/.
For most of the last decade, mining hardware was sold one way: a sealed box, with the chip, the hash board, the power supply, and the enclosure as a single purchase. Now, a small but growing number of large operators just want the chip and the hash board, and they’ll build everything else themselves.
Block’s Proto team and Core Scientific tried this in 2024: Block supplied the 3nm chip, with ePIC Blockchain co-designing the rig for Core’s needs. That was roughly 15 EH/s of capacity, structured as a chip-plus-platform deal. However, progress since the announcement has not been very clear.
And this week Canaan and Tether added another data point. After a 2025 proof-of-concept at one of Tether’s European facilities, Canaan secured a follow-on order for custom-developed hash board modules to be deployed in South America. Canaan provides the modules; Tether designs the control boards and immersion tanks around them. Paolo Ardoino’s framing is the giveaway: the approach lets Tether "tailor infrastructure to our needs, particularly for immersion-cooled systems where efficiency, reliability, and ease of operation are critical."
https://x.com/scottmelker/status/2049157726308078020
These deals still represent a relatively limited portion of the broader market. But they seem to be pointing towards a trend. And they are testing a version of the same thesis: that compute is a building block, and the operator integrates it. If that thesis holds, mining hardware could begin to look a lot more like the data center industry it has always been adjacent to.
In the News
- Keel Wins Zoning Approval for AI Data Center Expansion at Former Bitcoin Mine
- ABTC shares spike over 12% after deploying more rigs
- TeraWulf prices $900M stock offering for expansion
- MARA Holdings Launches New Foundation
- MARA Conducts Ongoing Layoffs Following $1.1B Bitcoin Sale and Debt Reduction Push
- UK-Based Reabold Draws Criticism for Weighing Gas-Powered Bitcoin Mining Operation
- Tether Takes 8.2% Stake in Bitmain-Tied Bitcoin Mining Lender Antalpha
Network at a Glance
- BTC price (USD): $78,307
- Network hashrate: 948 EH/s
- Difficulty: 135.59T
- Hashprice: $36.76 / PH / day
Project Spotlight
In 2014, Canaan shipped a Bitcoin miner the size of a USB stick.
The original Avalon Nano was a single A3233 chip on a tiny board, drawing about 1 watt and producing roughly 3.6 GH/s of SHA-256 hashrate. That was enough to out-hash most graphics cards of the era by a factor of three or four.
The Nano was Canaan’s gesture toward the everyone-can-mine philosophy that defined early Bitcoin: a small device that let a curious developer plug into a stratum pool and be a miner, in the same year that rackmount Avalons were being trucked into the first industrial farms. Hobbyists chained dozens of them together through powered USB hubs to build hand-made rigs.
The Nano line never really died. The DNA traveled forward - through Nano 2 in 2015, and now Nano 3S, a 6 TH/s home miner that doubles as a space heater. A decade on, the form factor that started as a curiosity is the architecture under Canaan’s home mining business.
Events and Media
- Canaan partnered with Tether to develop modular bitcoin mining systems
- Leo Wang talked at the Energy Stage in Las Vegas to discuss the return of home mining.
- Leo Wang interviewed several industry experts during the Bitcoin 2026 conference.
- Canaan’s team was at the Bitcoin 2026 conference in Las Vegas, showcasing its home mining products.
Follow and Contact Us
- X: @canaanio
- Youtube: Canaanmining
- LinkedIn: Canaan Inc.
- Website: canaan.io
- Support: Customer Care
Disclaimer: This newsletter shares industry commentary and third-party news for informational purposes only. The views and opinions expressed by third-party sources are those of their respective authors and do not necessarily reflect the views of Canaan Inc. For official news, please refer to Canaan’s press releases and SEC filings at https://investor.canaan-creative.com/.
