7 Best Bitcoin and Blockchain Stocks To Buy According to Analysts

4. CleanSpark, Inc. (NASDAQ:CLSK)

Average Upside Potential: 86.39%

CleanSpark, Inc. (NASDAQ:CLSK) is a Bitcoin miner that owns and operates multiple data centers that primarily run on low-carbon power. The company uses a sustainable energy mix comprising nuclear, hydroelectric, solar, and wind to mine Bitcoin. Therefore, CleanSpark engages in developing infrastructure for Bitcoin in a responsible manner.

CleanSpark has one of the highest current hashrates of 22.3 exahashes per second among other Bitcoin mining companies. The Bitcoin miner has a proven track record of strategic growth as evidenced by its 129% year-over-year revenue growth and 204% year-over-year hashrate growth from 2023’s third quarter to 2024’s third quarter. It closed the fiscal third quarter of 2024 with a 24% increase in hashrate during the quarter. While the firm is expanding into new states including Tennessee and Wyoming, it is committed to replacing a substantial portion of its fleet before the miners approach the end of their originally expected life cycle thereby positioning itself as the most efficient large-scale publicly traded Bitcoin miner. This prominent industry position in the words of the firm’s CFO Gary Vecchiarelli is evident from an excerpt from the firm’s recent investor presentation:

“By running at max operating power when electricity costs are lowest, and optimizing when electricity costs are higher, we have been able to achieve some of the best margins in the industry, all while maintaining one of the highest realized hashrates in North America.”

Currently, CleanSpark is trading at 23 times its forward earnings, a discount of 3.28% to the sector which deems the stock a cheap investment. As a key player in Bitcoin mining with a clean energy base, the firm has an impressive growth and efficiency record and an average upside potential of 86.39%.