12 Best Canadian Penny Stocks to Buy According to Analysts

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8. Bitfarms Ltd. (NASDAQ:BITF)  

Upside Potential: 149.42%  

Stock Price as of January 5: $1.72  

Number of Hedge Fund Holders: 14  

Bitfarms Ltd. (NASDAQ:BITF) is a global Bitcoin mining company that operates multiple facilities across North America and South America. The company focuses on low-cost, sustainable mining using hydroelectric power and generates revenue by selling Bitcoin on the open market.

Bitfarms Ltd. (NASDAQ:BITF) has been working to upgrade its fleet of miners, improve its operational efficiency, and diversify its portfolio beyond Bitcoin mining. As a result,  the company focusing on expansion into the High-Performance Computing (HPC) and Artificial Intelligence (AI) sector. The company has been in active conversations with multiple parties to explore potential partnerships and hosting deals. According to Ben Gagnon, CEO of Bitfarms Ltd. (NASDAQ:BITF), the company is looking at revenues of over $100 per megawatt hour for HPC and AI deals, which is significantly higher than what they can generate from Bitcoin mining. The company has already identified two potential sites for a one to two-megawatt HPC and AI pilot, with one site having an expansion capacity of around 20 megawatts and the other with a triple-digit megawatt capacity.

As Bitfarms Ltd. (NASDAQ:BITF) moves forward with its HPC and AI strategy, the company is taking a prudent approach by starting with a small pilot project to test the waters and develop the necessary expertise. This pilot project will allow the company to evaluate the technology, infrastructure, and services required for HPC and AI, and to refine its approach before scaling up to larger projects.

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