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Welcome back to The Mining Pod! Today, Brandon Bailey of Second Gate Advisory joins Will to talk about Bitcoin ATMs, an overlooked Bitcoin business model with massive potential. In Q1 2025, Bitcoin Depot generated $164.2M in revenue, a 19% increase year-over-year, while outperforming miners in cash flow per unit. We explore why physical ATMs matter in a digital world, expansion opportunities, and how this could be the next big Bitcoin treasury play.
**Notes:**
• Bitcoin Depot: $333.1M revenue, +92% YoY
• 30,000 Bitcoin ATMs vs 500K traditional ATMs
• ATMs generate $30-40/day vs miners $10-11/day
• 4% of Americans (5.6M people) are unbanked
• Average transaction size around $300
• 1,300 reserve machines ready for deployment
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Published twice weekly, “The Mining Pod” interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!
