SNEAK PEEK
- The global count of cryptocurrency ATMs has decreased by 11.1% to 33,628 as of January 1, 2024, deviating from a decade-long growth trend.
- The United States, while still leading with 82% of the global crypto ATM count, faced a significant 15.4% decline in its installations.
- Major ATM manufacturer BitAccess experienced a 26% reduction in its installations, while General Bytes and Genesis Coin continued to expand their networks.
In a notable shift from a decade-long upward trend, the landscape of cryptocurrency ATMs has witnessed a surprising contraction. As of January 1, 2024, the global count of crypto ATMs is 33,628, marking an 11.1% decrease from the previous year’s totality of 37,827. This decline is particularly significant as it deviates from the steady growth observed since October 2013, when Coin ATM Radar began tracking these installations.
This expansion peaked in August 2022, with a record 39,376 crypto ATMs worldwide. However, in the latter part of 2023, it gradually declined, reducing the number. The United States, despite remaining the dominant player with 82% of the global count, experienced the steepest drop – a 15.4% decrease from 32,672 to 27,631 ATMs.
This downturn is partly attributed to changes within significant ATM manufacturers. BitAccess, a key player in the market, saw its installations plummet by 26%, from 9,160 in August 2022 to 6,774 as of the start of 2024. Conversely, General Bytes and Genesis Coin, two other significant manufacturers, have continued to expand their Bitcoin ATM networks over the past year.
Amidst these trends, Bitcoin Depot, a major crypto ATM operator, successfully transitioned to a publicly listed company on the Nasdaq on July 3. It reported a 3% year-on-year increase in revenue, totaling $179.5 million for Q3 2023. This growth underlines the complex dynamics in the crypto ATM sector, where different entities experience varied fortunes.
Globally, there are 498 crypto ATM operators across 71 countries. Bitcoin remains the most widely supported cryptocurrency in these ATMs, with others like Bitcoin Cash, Ethereum, and Litecoin also available. This diverse offering reflects cryptocurrencies’ evolving landscape and increasing accessibility to the public.
While the reduction in the number of crypto ATMs represents a significant shift, it also highlights the changing patterns in the adoption and use of cryptocurrencies. As the market continues to mature, such fluctuations are likely to become more commonplace, reflecting the dynamic nature of this burgeoning industry.
