Lamassu Says Bitcoin ATM Owners Making $1000-$3000 a Month

Lamassu, bitcoin ATM manufacturer, uncovered data on the earnings received by the operators of its bitcoin machines.

Lamassu's survey estimated that its operators earn between $1,000–$3,000 each month on an average commission of 5.5%. Photo: Lamassu Inc.

Lamassu's survey estimated that its operators earn between $1,000–$3,000 each month on an average commission of 5.5%. Photo: Lamassu Inc.

Bitcoin ATM producer Lamassu has revealed information on profits of its ATM operators.

Based on the unofficial survey carried out by Lamassu, the ATM operators earn about $1,000–$3,000 monthly, what equals to yearly revenues of between $12,000 and $36,000 per unit.

According to the disclosed data, the owners of Lamassu machines process about $20,000 in digital currency each month, while ATMs installed in key locations process transactions worth about $40,000–$60,000 per month. The data was gathered from ATM owners who reported their monthly incomes.

Lamassu CEO Zach Harvey said the earning information proves that consumers are interested in cryptocurrency. He said: “What our machines represent is the man on the street, the guy who just wants to put in $10 in bitcoin or $200 in bitcoin. We didn’t know what to expect, there’s always a question mark until you realize that your operators are actually profitable and that this is a service that can really work.”

Lamassu stated that it started seeking information from its ATM operators this summer, and it is sure that the revealed data is true and accurate. Harvey noted that “these are the numbers that we keep seeing over and over again.”

Although most of the operators confirmed the figures reflect the actual situation, some of the ATM owners argue the information is not accurate.

CEO of Mexican bitcoin exchange Bitso, Pablo Gonzalez, said his Lamassu machine processes $3,000 in transactions per month and it does not generate any revenues.

However, Gonzalez added that the use of ATM helped him to promote its business and expand adoption of digital currency. He also expects people to become more interested in using the machines.

“We knew that when we purchased our ATM as we are positioned at a nascent bitcoin market,” Gonzalez said.

ATM operator Marián Jančuška, based in Slovakia, said he faced some troubles related to its connection to Bitstamp. “I had to disable this interface to make the machine stable. It took until about two weeks ago for Lamassu to deliver an upgrade with working Bitstamp interface,” Jančuška told.

Jančuška added his machine processes only €10,000 each month and that the machine has not brough any profits yet.

The first Lamassu machines were launched in August, 2013. Lamassu, Robocoin, and BitAccess hold dominance in the bitcoin ATM sector and the number of ATM producers is growing now. There are approximately 300 operational bitcoin machines today.

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