In a significant departure from previous trends, the cryptocurrency ATM landscape witnessed an unprecedented change last year, marking the first annual reduction since its founding. According to coinatmradar.com data, December 2022 recorded a peak of 39,350 machines globally dispensing cryptocurrency assets such as Bitcoin and ethereum.
However, a notable change occurred, with approximately 5,730 machines (14%) of the initial 39,000 units being subtracted. This culminated in the present count of around 33,620 cryptocurrency ATMs.
Throughout the first four months of 2023, there was a constant removal of equipment with no increase in activity. In January, about 1,523 devices were removed; in February, 210 machines were ceased; and in March, a noteworthy 3,555 ATMs were retired. The trend persisted in April, with 340 more machines being removed. But things changed in May when 1,711 new machines were deployed, and in June, 857 more went online.
July was the most severe withdrawal month of the year, with an estimated 4,218 machines decommissioned, resulting in the most significant monthly reduction ever recorded. There were net gains in the following months, but not enough to make up for the losses in the preceding months.
Bitcoin Depot holds the position of the leading cryptocurrency ATM operator globally, boasting 6,311 machines, closely followed by Coinflip with 3,880 machines. Bitstop has 2,854 machines, Rockitcoin operates 2,227 units and Athena Bitcoin manages 1,891 cryptocurrency ATMs. The United States is home to about 82.2% of all cryptocurrency ATMs, while Canada is home to 8.4% of the machines. Australia is home to 2.3% of the world’s cryptocurrency ATMs, with Europe making up 4.6% of the total.
More than 32,000 machines worldwide are designed to accept Bitcoin. Additionally, 18,141 of these ATMs can accept other crypto assets such as litecoin, ethereum and Bitcoin cash. Moreover, 2,208 units manage Circle’s USDC transactions, and 3,586 units cater to Tether (USDT) consumers.
The debate over the possible abuse of these devices for illegal purposes is one element that has contributed to this decrease. For instance, scammers have been known to use websites such as eBay to deceive people into utilizing the ATMs to deposit money into prearranged crypto wallets, which disappear as soon as the deposit is made.
Although the drop in numbers might indicate a reduction in interest, it’s also possible that the turbulent 2022 crypto winter had a negative impact on the companies that were running these machines. The future of cryptocurrency ATMs, just as with the market as a whole, is still something that people are closely watching as operators and users adjust to the changing environment.
As the industry recovers fully from the recent shocks that it suffered and companies such as Bit Digital Inc. (NASDAQ: BTBT) see their operations gaining steam, the number of active crypto ATMs could see a resurgence.
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