Global Active Bitcoin ATMs Decline for First Time Since July 2023: Impact and Analysis
Summary:
For the first time since July 2023, the global number of active Bitcoin ATMs has fallen. The U.S. and Canada host more than 91% of these ATMs. Although Bitcoin ATMs increased throughout 2024, over 300 ATMs offline in May 2024. New ATMs in Australia, Switzerland, and Europe have offset some of this decline. Authorities in the U.S. frequently shut down Bitcoin ATMs due to their use in scams. Interestingly, despite fluctuations in Bitcoin prices, Bitcoin Depot, the largest U.S. ATM operator, reported consistent earnings throughout the year.
In a first since July 2023, the global count of active Bitcoin ATMs has experienced a decline. Both the United States and Canada jointly account for a massive 91.4% of the entire network of Bitcoin (BTC) ATMs, with the U.S. hosting 31,089 (82.6%) and Canada hosting a total of 2,909 (7.7%) machines. Crypto ATMs are distributed among different countries and continents, as per the data from Coin ATM Radar.
Countries around the globe played a significant role in the monthly surge of Bitcoin ATMs throughout 2024, nearly bringing the total back up to the 38,000 benchmark, which had been lost in January 2023. Global crypto ATM expansion, however, suffered a setback in May 2024 when over 300 ATMs were disconnected. As of May 21, the U.S. saw the removal of 302 Bitcoin ATMs during the month, and 28 machines were deactivated in Canada. However, the introduction of new Bitcoin ATMs in Australia, Switzerland, and Europe has limited the net downturn in crypto ATMs to 280 as of now.
U.S. law enforcement authorities are frequently targeting and closing Bitcoin ATMs that have been widely used for fraudulent and extortionate transactions. The reasons for the sudden decrease in their numbers remain uncertain as yet. Australia, which possesses the third-largest network of active Bitcoin ATMs after the U.S. and Canada, houses 1,041 (2.8%) machines. For more information on the usage of Bitcoin ATMs, refer to Cointelegraph’s crypto guide.
Despite the downturn, Bitcoin Depot, the largest ATM operator in the U.S., noted consistent earnings in 2024. The company’s annual 10-K report filed on April 15 indicated that there is no historical correlation between its revenues and Bitcoin's price.
“Most of our users utilize our offerings for non-speculative reasons, such as money transfers, international remittances, and online purchases, among others,” the report mentioned by Bitcoin Depot.
The company indicated that Bitcoin Depot’s revenues and the BTC's price have no correlation, due in part to the nature of the services they offer, as per its ATM operator.
Published At
5/21/2024 10:51:32 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.