8 Best Crypto and Blockchain Stocks To Buy According to Analysts

5. Iris Energy Ltd. (NASDAQ:IREN)

Analyst Upside: 39.28%

Number of Hedge Fund Holders: 28

Iris Energy Ltd. (NASDAQ:IREN) is a prominent name in the crypto and blockchain industry. It owns and operates data centers purposely built for high-performance computing to support application-specific integrated circuits (ASICs) for Bitcoin mining. These data centers are powered by 100% renewable energy. The company operates a data center infrastructure for Bitcoin mining. Its facilities are optimized for Bitcoin mining, AI cloud services, and other power-dense compute.

The company has a solid portfolio of 26oMW of operating data centers, expanding to 510MW in 2024. Its monthly revenue for October fiscal 2024 grew by 32% to $28.2 million. This growth was driven by an increase in the company’s operating hashrate to 21 exahashes per second and rising Bitcoin prices.

Iris Energy Ltd. (NASDAQ:IREN) boasts AI Cloud Services commissioning an additional 1,080 NVIDIA H200 GPUs, more than doubling its existing AI capacity. This is anticipated to generate approximately $32 million in annualized hardware profit by the end of December 2024.

Since the company utilizes 100% renewable energy for its operations, it aligns with global trends promoting greener energy. It holds a strategic advantage as a leader in sustainable practices within the industry. Iris Energy Ltd. (NASDAQ:IREN) takes the fifth spot on our list of the 8 best crypto and blockchain stocks to buy according to analysts.