7 Best Bitcoin and Blockchain Stocks To Buy According to Analysts

2. Iris Energy Limited (NASDAQ:IREN)

Average Upside Potential: 98.76%

Iris Energy Limited (NASDAQ:IREN) owns, builds, and operates data centers and electrical infrastructure to mine Bitcoin. The company’s business model has been built on sustainably-mined Bitcoin. The founders Dan and Will saw a chance to capitalize on excess renewable energy and support energy networks while having an early conviction on Bitcoin. As a sustainable Bitcoin miner, the company’s sites are powered by 100% renewable energy.

Iris Energy Limited holds a distinctive position in an emerging market by using low-cost excess renewable energy to keep costs low, support communities, and solve the energy market challenges. It has a solid portfolio comprising 260MW of operating data centers while it has plans to expand to 510MW in 2024. Recently in July, the company secured an additional 150MW of immediately available power capacity at its Childress site which increased its total secured grid-connected power capacity to 2,310MW.

Among its peers, Iris qualifies as a large-scale miner with its Bitcoin mining hashrate currently at 10 exahashes per second which was a milestone achieved ahead of schedule and is on track to reach 30 exahashes per second by the last quarter of 2024 which demonstrates the future growth potential. While Bitcoin mining provides the firm a foundation for continued growth, it has diversified its revenue base through AI Cloud Services.

As a leading next-generation data center business powering the future of Bitcoin and AI with a strong market position and the potential for continuous growth, Iris Energy Limited (NASDAQ:IREN) is one of the best publicly listed Bitcoin miners and an attractive stock to buy according to analysts. As of August 26, the average upside potential for the stock is 98.76%.