Last week there was a new milestone reached – 200 Bitcoin ATMs worldwide. A bit late as we already have 209 Bitcoin ATMs in operation, but here are some statistics for the installed machines with respect to Bitcoin ATM producers.
As it is seen from the infographics, the growth rate of installed Bitcoin machines has increased. The first 100 Bitcoin ATMs were launched during 7 months, and the next 100 during only 3 months.
In the previous post we discussed the theoretical profit calculations for running a Bitcoin ATM. This post collects the real-life examples of operation metrics for different Bitcoin ATMs found in the internet.
Vancouver first Robocoin machine
Due to a lot of attention as the first Bitcoin ATM and also due to the high demand for bitcoins during the ATM launch, this machine did CAD 100,000 (~$95,000) in 348 transactions during the first eight days ($273 per transaction) (source). Later it was announced that Bitcoin ATM did roughly 1 million CAD (~$950,000) in transactions during the first 29 days with 1,576 buy and sell transactions ($603 per transaction).
The investment was paid back during the period less than a month in this case.
According to the data available the average fee taken by the operators for using the Bitcoin ATM is 5.2%. This rate could be used as a starting point for calculation. Depending on the ATM provider, there potentially could be running (license) fees additionally to the one-time ATM purchase cost, like in the case of Robocoin the operator will have to pay 1% fee to the ATM provider (unless the life-time license is purchased for a lump-sum).
On this page you can find a Bitcoin ATM profit calculator for getting the feeling about return on investment. It is assumed that buy and sell operations are equal and are inputted in aggregate fields: the transactions number and average transaction size. Not all the Bitcoin ATMs support the two-way operations, so sometimes it is only buy operations, which the operator may take into forecast calculation. In fact, the buy and sell transations are different in characteristics. According to Robocoin statistics, 1/3 of all operations are sell Bitcoin transactions and 2/3 are buy operations on average. Also the average size of operations varies — average buy is about $480, while average sell is $750.
In this blog we post different news and material related to Bitcoin ATMs. There are many manufactures with several leading ones in producing Bitcoin ATMs. During a short while Bitcoin ATMs became quite popular from only 1 installed machine in Vancouver in October 2013 and about 200 machines worldwide in August 2014.
The number of Bitcoin machines is increasing every day. More and more people start using them and get easy access to mostly purchasing cryprocurrencies (Bitcoin and some others). Although the fees are still relatively high, but due to easy access Bitcoin ATMs can increase adoption rate of Bitcoin and other cryptocurrencies.