Vedant Sahu
For nearly a decade, there was a consistent and uninterrupted growth in the count of cryptocurrency ATMs. However, a shift occurred in late 2022.
The count of operational Bitcoin ATMs has experienced an approximately 11.1% decrease compared to the beginning of 2023, marking a deviation from the ten-year trend of yearly increases.
As per data from Coin ATM Radar, the global total of cryptocurrency ATMs as of January 1, 2024, stands at 33,628, a decline from the 37,827 recorded on January 1, 2023. Throughout 2023, the overall number of Bitcoin ATMs saw fluctuations, experiencing both growth and decline, but it concluded the year with a net decrease.
Since its inception in October 2013, Coin ATM Radar has been continuously monitoring cryptocurrency ATMs. This count has consistently risen on a monthly basis, reaching its zenith at 39,376 in August 2022.
Nevertheless, these numbers experienced a decline, particularly throughout 2023. The most significant decrease in crypto ATMs during 2023 was observed in the United States, where the total dropped by 15.4%, decreasing from 32,672 to 27,631. Nevertheless, the United States still retains its position as the host of 82% of all crypto ATMs globally.
Meanwhile, Australia, Canada, Spain, and Poland maintained a steady increase in their counts.
Data from Coin ATM Radar indicates that BitAccess, a crypto ATM manufacturer, may have contributed to this decline, with its net installations decreasing by 26% from 9,160 in August 2022 to 6,774 on January 1, 2024.
Cryptocurrency ATMs installed by General Bytes, Genesis Coin, BitAccess and Lamassu. Source: Coin ATM Radar
On the other hand, General Bytes and Genesis Coin, two prominent manufacturers, continued to augment the count of Bitcoin ATMs throughout the year.
In related developments, Bitcoin Depot, a significant player in the cryptocurrency ATM sector, achieved a milestone by becoming a publicly traded company on the Nasdaq on July 3. Furthermore, it expanded its operations to cover its 28th state within the United States. The company also reported Q3 2023 revenues of $179.5 million, reflecting a 3% year-on-year increase.
Coin ATM Radar’s data reveals a total of 498 cryptocurrency ATM operators spanning 71 countries. Notably, Bitcoin (BTC) maintains its dominance as the primary cryptocurrency supported by these ATMs, with Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC) among the other cryptocurrencies available for purchase through these machines.
