New year rings in with 11% shrinkage in installed Bitcoin ATMs

CointelegraphPublished on 2024-01-01Last updated on 2024-01-02

Abstract

The number of installed Bitcoin ATMs is roughly 11.1% less than at the start of 2023, bucking a 10-year trend that saw the tally increase at the start of every year.

The number of installed Bitcoin ATMs is roughly 11.1% less than at the start of 2023, bucking a 10-year trend that saw the tally increase at the start of every year.
According to Coin ATM Radar, the number of crypto ATMs globally as of Jan. 1, 2024, is 33,628, down from 37,827 recorded on Jan. 1, 2023. The net total number of Bitcoin ATMs had a mix of growth and decline over 2023, but ultimately fell by the year's end.

Number of cryptocurrency ATMs worldwide. Source: Coin ATM RadarSince Coin ATM Radar first started tracking crypto ATMs in October 2013, the number of installed crypto ATMs has steadily increased monthly until reaching an all-time high of 39,376 in August 2022.
However, the numbers began to stumble since, particularly throughout 2023. The biggest drop in crypto ATMs in 2023 came from the United States, which saw its tally fall 15.4% from 32,672 to 27,631. The country, however, remains home to 82% of all crypto ATMs worldwide.
Meanwhile, Australia, Canada, Spain and Poland steadily increased their tally.
Coin ATM Radar’s data shows crypto ATM manufacturer BitAccess may have contributed to that fall, with its net installations falling 26% from 9,160 in August 2022 to 6,774 on Jan. 1, 2024.

Cryptocurrency ATMs installed by General Bytes, Genesis Coin, BitAccess and Lamassu. Source: Coin ATM RadarTwo other major manufacturers, General Bytes and Genesis Coin, continued to increase the number of Bitcoin ATMs in the year, however.
Related: Net Bitcoin ATMs growth drops globally for the first time ever
Meanwhile, Bitcoin Depot, one of the main players in the crypto ATM space, became a publicly listed company on the Nasdaq on July 3 and recently expanded to its 28th state in the country. It also reported a revenue of $179.5 million in Q3 2023, a 3% year-on-year increase.
There are a total of 498 crypto ATM operators across 71 countries, Coin ATM Radar’s data shows.
Bitcoin (BTC) is by far the leading cryptocurrency supported by crypto ATMs, while Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC) are among the other cryptocurrencies that can be bought from ATMs.

Various cryptocurrencies that are supported by cryptocurrency ATMs. Source: Coin ATM RadarMagazine: ‘Elegant and ass-backward’: Jameson Lopp’s first impression of Bitcoin

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