Three Blockchain Stocks with Millionaire-Making Potential to Consider in February 2024
Blockchain stocks are on the brink of revolutionizing the digital world.
Despite Bitcoin (BTC-USD) achieving a 94% increase over the past six months, blockchain technology is transforming sectors through unmatched transparency and efficiency. Its market valuation is projected to escalate from $4.8 billion in 2022 to $2.3 trillion by 2032, making blockchain an attractive investment avenue.
Additionally, blockchain’s contribution to global GDP could exceed $2 trillion by 2030, highlighting its economic importance. The significance of blockchain technology transcends the immediate appeal of cryptocurrencies, marking the dawn of a new era in digital innovation and serving as a cornerstone for future technological ecosystems.
Thus, numerous technology companies heavily invested in blockchain are yet to receive the recognition and understanding they deserve. Despite playing a pivotal role in this emerging domain, they remain unnoticed by many investors. Here are three blockchain stocks set for significant long-term growth.
Blockchain Stocks: CleanSpark (CLSK)
CleanSpark (NASDAQ:CLSK) is revolutionizing Bitcoin mining through its commitment to sustainability and growth. In the previous year, the company doubled its Bitcoin mining output to 6,903 and recorded a 28% revenue growth, showcasing its strong performance. This achievement was partly due to a deal for acquiring up to 160,000 new miners from Bitmain, underscoring CleanSpark’s expansion and dedication to renewable energy.
CleanSpark’s financial results have been impressive, with first-quarter earnings surpassing forecasts. The company reported GAAP earnings-per-share of 14 cents, beating estimates and revealing a significant year-over-year revenue increase of 165.5% to $73.8 million. Moreover, the company’s stock price has risen by 426.8% over the past year. CleanSpark’s innovative and eco-friendly strategies position it as a leader in the cryptocurrency mining industry.
Block (SQ)
Block (NYSE:SQ) has emerged as a blockchain pioneer, leveraging the technology’s transformative potential. In 2022, it launched Web5, a platform for decentralized identity and data, along with a toolkit for developing decentralized apps, showing considerable progress in blockchain technology.
Block has exceeded financial expectations, with a remarkable third-quarter earnings report displaying a $5.62 billion revenue, up 24.3% from the previous year. The company has also set its 2024 guidance at $2.40 billion for adjusted EBITDA, exceeding the $1.94 billion forecast, with an adjusted operating income of $875 billion.
Under Jack Dorsey’s visionary leadership, Block has introduced a Bitcoin wallet, allowing users to self-custody their tokens on a hardware device. This initiative enhances user security and aligns with Block’s goal of making financial services more accessible, reaffirming its commitment to user-centered innovation in the blockchain sector.
Bitfarms (BITF)
Bitfarms (NASDAQ:BITF) is aggressively expanding its operations, aiming to increase its hash rate capacity from 6.5EH/s in January to 12EH/s in the forthcoming months. According to its contract, Bitfarms could reach 17 EH/s and 23 w/TH in fleet efficiency by the end of 2024.
Bitfarms is advancing its expansion efforts by securing a strategic 100 MW facility in Yguazu along with essential equipment for Paso Pe. The company’s stock has surged by 243.8% YOY, paving the way for further growth, with Bitcoin’s potential rise to $120,000.
In December 2023, Bitfarms mined a record 446 bitcoins, contributing to an impressive annual total of 4,928. This success was fueled by a 44% YOY increase in hash rate growth, positioning Bitfarms as a leading figure in the flourishing crypto market. Supporting this optimistic view, ‘TipRanks’ analysts have given Bitfarms a ‘strong buy’ rating, predicting a 7.7% upside potential.
