Global Bitcoin ATM Network Sees First Ever Yearly Decline at 11.1% in 2023
Summary:
Bitcoin ATM installations experienced an 11.1% decrease since 2023 start, marking a notable shift from a 10-year trend of annual increases. With the biggest drop observed in the US, the global count of crypto ATMs stood at 33,628 at 2024's start, down from 37,827 in 2023. Despite the decrease, major manufacturers like General Bytes and Genesis Coin continue to expand the Bitcoin ATMs network. Currently, there are 498 crypto ATM operators across 71 countries, primarily supporting Bitcoin, Bitcoin Cash, Ether, and Litecoin.
Bitcoin ATM installations have seen an unexpected 11.1% decrease since the beginning of 2023, marking a departure from a decade-long trend of annual increases. Data from Coin ATM Radar reveals that the global count of crypto ATMs stood at 33,628 at the start of 2024, a significant decrease from the 37,827 reported on the first day of 2023. Despite experiencing periods of growth and decline throughout 2023, the net number of Bitcoin ATMs ultimately experienced a reduction by year-end.
The tracking of crypto ATMs by Coin ATM Radar, which began in October 2013, had demonstrated a steady monthly increase, reaching a record peak of 39,376 in August 2022. However, numbers began to falter thereafter, particularly during 2023. The steepest decline in crypto ATMs during 2023 occurred in the United States, where numbers fell by 15.4% from 32,672 to 27,631. Despite the drop, the country still hosts 82% of the world's crypto ATMs.
Conversely, the tallies in Australia, Canada, Spain, and Poland exhibited continuous growth. Coin ATM Radar's data suggests that crypto ATM producer BitAccess may have contributed to the overall decline, as net installations dropped by 26% from 9,160 in August 2022 to 6,774 on January 1, 2024.
Other major manufacturers such as General Bytes and Genesis Coin continued to expand the footprint of Bitcoin ATMs during this period.
In related news, Bitcoin Depot, a prominent figure in the crypto ATM sector, went public on the Nasdaq on July 3 and recently extended its operation to a 28th state. It also recorded a revenue of $179.5 million in the third quarter of 2023, registering a 3% YoY increase.
According to Coin ATM Radar, there are currently 498 crypto ATM operators spread across 71 countries. Bitcoin (BTC) is overwhelmingly the primary cryptocurrency supported by these ATMs, with Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC) also available for purchase.
Published At
1/2/2024 8:22:00 AM
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