7 Best Bitcoin and Blockchain Stocks To Buy According to Analysts

5. Bitfarms Ltd. (NASDAQ:BITF)

Average Upside Potential: 68.78%

Bitfarms Ltd. (NASDAQ:BITF) is a global Bitcoin self-mining company which was founded in 2017. The company runs vertically integrated mining operations with onsite technical repair, proprietary data analytics, and company-owned electrical engineering and installation services. The Bitcoin miner has a diversified production platform composed of 8 industrial-scale facilities in Canada, 2 in the US, 1 in Argentina, and 3 in Paraguay. The firm’s data centers are powered by more than 75% renewable power.

Currently, Bitfarms serves as the only publicly traded crypto mining company audited by a Big Four accounting firm. The firm manages one of the largest internationally diversified portfolios of energy contracts in the Bitcoin data center business and has shown ample progress in growing its business. It recently added 220 MW of capacity in Paraguay and Pennsylvania while it energized its 70 MW site in Paso Pe, the company’s largest site to date. Simultaneously, it stepped into the most attractive energy market in the US through its new site in Sharon while unlocking new opportunities beyond Bitcoin mining, such as HPC/AI. For the second quarter, Bitfarms had a hashrate of 11.1 exahashes per second, up from 6.5 exahashes per second in the first quarter. This implies that Bitfarms is implementing a robust growth strategy with a focus on US expansion and diversification from Bitcoin mining.

Based on the aforementioned plans, the firm is well set to reach over 35 exahashes per second in 2025 which will be a 67% growth from 21 exahashes per second, the year-end target for 2024.  With the appointment of Ben Gagnon as the Chief Executive Officer who used to be the Chief Mining Officer and has a 9-year past full-time experience in the bitcoin mining industry, Bitfarms is positioned for accelerated growth through 2024. The firm’s impressive energy portfolio and strategic approach to growth rank it among some of the best Bitcoin stocks to buy. As of August 26, the average upside potential for the stock stands at  68.78%.