10 Best Blockchain Stocks to Buy According to Analysts

Page 9 of 9

1. Bitfarms Ltd. (NASDAQ:BITF)

Average Price Target Upside Potential According to Analysts: 210.34%

Number of Hedge Fund Holders: 14

Bitfarms Ltd. (NASDAQ:BITF) is a blockchain technology and Bitcoin mining company. It develops, owns, and operates vertically integrated data centers. The company manages its entire mining operations and utilizes its data centers to validate transactions on the Bitcoin blockchain and earn cryptocurrency rewards in the process. Bitfarms Ltd. (NASDAQ:BITF) currently has 12 operational data centers and 2 more under development across Canada, the US, Paraguay, and Argentina. BITF is one of the best blockchain stocks to invest in according to analysts.

The company is strategically focused on upgrading its fleet and expanding its operations, especially in the US. In August 2024, Bitfarms Ltd. (NASDAQ:BITF) announced its agreement to acquire Stronghold Digital Mining. This acquisition will increase the company’s energy capacity to more than 950 megawatts by the end of 2025. This will mark a significant shift that will see Bitfarms Ltd.’s (NASDAQ:BITF) operations in the US grow from 6% to approximately 66% of the company’s total capacity.

Additionally, the company is making good progress on its fleet upgrade program and added 5,400 miners during the third quarter of 2024. Bitfarms Ltd. (NASDAQ:BITF) also achieved its efficiency target of 21 watts per terahash (w/TH) 3 months ahead of schedule, reducing direct operating costs and improving gross margins. In Q3 2024, Bitfarms Ltd. (NASDAQ:BITF) earned 703 BTC and averaged 7.6 BTC per day in daily production.

Overall, BITF ranks first among the 10 best blockchain stocks to buy according to analysts. While we acknowledge the potential of blockchain companies, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BITF but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.

Page 9 of 9