Canaan, Tether deepen partnership on immersion-cooled mining systems

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Canaan’s Bitcoin holdings over time. Source: BitcoinTreasuries.NET Related: Crypto miner Canaan sinks 7% despite strongest quarter in 3 years The announcement came a day after Tether said it was expanding into Bitcoin mining infrastructure by releasing an open-source framework that lets operators manage their mining hardware and software through a single system. BTC miners are in the midst of a broad industry shift that's seen several established miners, including HIVE Digital, TeraWulf and MARA Holdings, diversifying into data centers and artificial intelligence workloads to offset pressure on mining revenues. Analysts at Bernstein recently said IREN could eventually phase out much of its mining business to focus on AI cloud infrastructure, citing a challenging operating environment for Bitcoin miners. AI cloud services are expected to become IREN’s primary source of revenue in the coming years. Source: Bernstein Canaan's Nasdaq-traded shares were down about 1% mid-day on Tuesday in light trading. CoinShares Bitcoin Mining ETF (WGMI) was down about 5.7%. That industry-tracking exchange-traded fund's holdings include CAN shares, at less than 0.6% weight. Related: Bitcoin mining difficulty falls, but is projected to rise in next adjustment

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