In 2023 the number of bitcoin ATMs fell by 11%

The number of bitcoin ATMs worldwide has experienced a decline of 11.1% compared to early 2023, breaking an annual growth trend that has been maintained over the past decade.

According to data from Coin ATM Radar, the global number of cryptocurrency ATMs as of January 1st, 2024 stands at 33,628, marking a decrease from 37,827 registered at the beginning of 2023. Throughout 2023, the total count of bitcoin ATMs fluctuated, experiencing both increases and decreases, finally decreasing towards the end of the year.

The biggest drop was recorded in the United States, where the number of cryptocurrency ATMs decreased by 15.4%, from 32,672 to 27,631. Despite this, the country still retains 82% of all cryptocurrency ATMs worldwide.

Coin ATM Radar data indicates that the manufacturer BitAccess could have contributed to this reduction, as its net facilities decreased by 26%, from 9,160 in August 2022 to 6,774 on January 1, 2024.

However, two other major manufacturers, General Bytes and Genesis Coin, managed to increase the number of bitcoin ATMs during the same period.

In the financial sphere, Bitcoin Depot, a leading player in the cryptocurrency ATM industry, debuted on the Nasdaq on July 3 and recently expanded its operations to the country’s 28th state. It reported revenues of USD 179.5 million in the third quarter of 2023, reflecting a year-on-year increase of 3%.

According to data from Coin ATM Radar, there are a total of 498 cryptocurrency ATM operators distributed in 71 countries.

Bitcoin (BTC) continues to be the main cryptocurrency accepted by ATMs, while Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC) are some of the other cryptocurrencies available for purchase on these devices.

K. Tovar

Source: Cointelegraph

(Reference image source: GENERAL BYTES, Unsplash)

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