Contrary to the anticipated rise in global Bitcoin (BTC) adoption, physical ATMs dedicated to fiat-crypto conversions are on a sharp decline. According to data from Coin ATM Radar, 3,627 crypto ATMs were removed from the network in March alone, bringing the total number of crypto ATMs worldwide down to 33,727. This stands in contrast to the decade-long trend that began with the installation of the first Bitcoin ATM on October 29, 2013, when net monthly changes of crypto ATMs installed and removed showed a steady increase. Clearly, this pattern is now reversing.
The number of net crypto ATM installations decreased steadily over a four-month period, from September 2022 to March 2023. The greatest drop occurred in March, with a total of 3,627 ATMs being removed from service – the largest monthly decline recorded during that time.
The chart above reveals the rapid decrease in the total number of Bitcoin machines installed over time, with the highest monthly installation count recorded at 2,048 back in January 2021. This significant drop indicates the current state of the industry.
On a positive note, April marked an end to the three-month-long downward trend with 37 new crypto ATM installations on April 1. Leading the market in terms of manufacturing, these ATMs are General Bytes, BitAccess and Genesis Coin. However, after suffering from a security incident that caused some customers’ hot wallets to be accessed, General Bytes promised to reimburse the affected customers for their losses.
In a statement, General Bytes noted that they have taken swift action to prevent further unauthorized access of their systems and are committed to protecting their customers. They are doing all that is necessary to ensure maximum security.
