How are LFS files stored on the server-side?

If a binary file stored in the LFS server is pulled down by a client, edited, and then committed back to the LFS server; does the LFS store now have two copies of the file? Or copy 1 + any edits made?

I have a team using a fairly large repository of code + binaries and would like to move to GitLab away from SVN, but am concerned about storage getting out of hand. With SVN, I believe the server keeps differentials of binaries, not whole copies. I’m curious if Git + LFS does something similar.