Bitcoin ATM installations have experienced an unexpected decline of approximately 11.1% between the start of 2023 and January 1, 2024, marking a significant departure from the previous decade’s trend of consistent annual growth. This decline was reported by Coin ATM Radar, a reputable source for tracking cryptocurrency ATMs worldwide.
Decline in Bitcoin ATMs worldwide
On January 1, 2024, there were 33,628 cryptocurrency ATMs globally, down from the 37,827 recorded on January 1, 2023. This shift reflects a mixed pattern of growth and decline throughout 2023, culminating in an overall decrease by the year’s end.
The decline in Bitcoin ATMs breaks a pattern of continuous monthly increases since Coin ATM Radar began tracking crypto ATMs in October 2013, reaching an all-time high of 39,376 in August 2022.
Several factors contributed to the decline in Bitcoin ATMs in 2023. The most significant drop occurred in the United States, where the number of crypto ATMs decreased by 15.4%, from 32,672 to 27,631. Despite this reduction, the United States remains home to 82% of all cryptocurrency ATMs worldwide.
In contrast, countries like Australia, Canada, Spain, and Poland experienced steady growth in their crypto ATM installations during the same period. Additionally, data from Coin ATM Radar suggests that the crypto ATM manufacturer BitAccess may have played a role in the decline, with its net installations falling by 26%, from 9,160 in August 2022 to 6,774 on January 1, 2024. On the other hand, manufacturers General Bytes and Genesis Coin continued to increase the number of Bitcoin ATMs throughout the year.
Key players and recent developments
Amidst these fluctuations, Bitcoin Depot, a major player in the crypto ATM space, made significant strides. The company became publicly listed on the Nasdaq on July 3, 2023, and expanded its operations to include its 28th state in the United States. Additionally, Bitcoin Depot reported a revenue of $179.5 million in the third quarter of 2023, marking a 3% year-on-year increase.
According to Coin ATM Radar’s data, there are 498 crypto ATM operators across 71 countries. Bitcoin remains the dominant cryptocurrency supported by these ATMs, while Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC) are among the other cryptocurrencies available for purchase.
