March 21st, 2018
The Bitcoin ATM business is booming as many investors are showing interest in this investment. The Bitcoin ATM in Baltimore business is growing in demand, yielding good return possibilities for its investors. Knowing some of the Bitcoin ATM business estimates will help you to understand the overview of investing in Bitcoin ATMs.
Coin Cloud is a popular Bitcoin ATM in Baltimore operator and is known to run a network of Bitcoin ATM machines mostly in the California region. According to the company, Bitcoin users purchase on an average $250 worth of Bitcoins and sell around $500 at Bitcoin ATM machines.
It is assumed that the machine does around 2 transactions every day and 80% of Bitcoin users go for a “buy” operation. This one Bitcoin machine brings in a volume volume of around $18K every month. This calculation is done by experts based on the plain assumption of a certain number of transactions every day, but it may vary considerably based on the location and popularity of the Bitcoin ATM in that place. For instance, the Bitcoin ATM machines at some Las Vegas casinos are doing more than 2 transactions every day.
However, in a different article, the owner of the Bitcoin ATM in Baltimore machine mentioned that their kiosks draw many new customers every day, on an average there are around 200 to 300 new Bitcoin users. Now assume this customer base for each ATM machine every month, putting all of the important metrics together, we found an overall turnover to be around $75K. This figure is for one machine every month.
According to the information provided by the owner of this Bitcoin ATM In Baltimore machine in the first year, it was not profitable enough at all due to lack of demand for Bitcoins among locals. This Bitcoin ATM was actively promoted, but failed to grab the attention of Bitcoin users around the area. After one year of operation, this Bitcoin machine was sold to another Operator knows as, Cryptodiggers, and they decided to change the location. In just a few days, it was moved to Bratislava. Another Bitcoin ATM machine operated by the earlier owner is a Lamassu machine in City Center, Bratislava. The operator shared all figures and data about the machine.
The operator could only estimate the total number of Bitcoins sold from different wallets. The Long term average is around 2 Bitcoins sold every day for 2 transactions; the average single purchase is something around 1 BTC. With over 750 days of operation, a total number of Bitcoins sold around 1500 in 1500 transactions.
It is assumed that USD transactions are equivalent over this long period and BTC volume changes depending on the price, the average daily turnover of this machine can be calculated based on prices from BitStamp. Experts found it to be around $700 a day in 2 transactions. The average monthly volume will be roughly around $21K every month. This Bitcoin ATM in Baltimore is also charging 3% as fees, so there is a profit of $630 every month.