BitBeat: Lamassu says Bitcoin ATM Owners Making $1,000-$3,000 A Month
In the year since Lamassu released its first bitcoin ATM, the machines are producing an average profit for their owners of $1,000-$3,000 a month, according to new figures the company released on Thursday.
The first Lamassu machine went into operation in August of 2013. the Harvey brothers were showing it off at a series of conventions in the spring and summer (we caught up with them in May and produced this video).
Lamassu said that standard cash-to-bitcoin machines are averaging transactions worth about $20,000 a month. Prime locations are averaging $40,000-$60,000 a month. The firm sells two kinds of machines: a version that processes only cash-to-bitcoin transactions and costs $6,500 to buy, and a version that handles two-way transactions, which costs $12,500. The firm says operators are clearing their investments in the machines in anywhere from three to nine months.
The bitcoin ATM industry is dominated by a few large players, Lamassu, Robocoin, and BitAccess primarily, but as it grows, others are aiming for a piece of the pie. The number of active machines isn’t exactly clear. According to the data site bitcoinpulse, there are 300 bitcoin ATMs in operation. According to CoinDesk, which has an interesting bitcoin ATM map, there are 250 machines in operation; 51 ATMs in the U. S. across 20 states, and 64 in Europe spread across 20 countries. (Paul Vigna)
This post was published at Wall Street Journal on Nov 20, 2014.