94 Bitcoin ATMs Produced In 2nd Half Of 2022 – Report
Statistics from CoinATMRadar showed that only about 94 BTC Automated Teller Machines (ATMs) were launched worldwide between July and December last year. The number was insignificant compared to the hundreds usually recorded monthly after its launch in 2021.
Bitcoin ATMs Production Dropped Below 100 In Six Months
According to the reports, Bitcoin ATMs were initially considered an unimportant component of Satoshi Nakamoto’s proposal of sound money. However, Bitcoin ATM has evolved to become one of the essential components of the Bitcoin network and has led to massive adoption.
In 2021, the Bitcoin ATM sector registered thousands of machines every month. However, the number of machines launched drastically dropped last year and worsened over the previous six months.
Between July and the end of 2022, the network reportedly registered 94 ATMs, which was significantly lower compared to the 4,169 Bitcoin ATMs installed in the first six months of 2022.
According to experts, the prolonged bearish market that broke out in 2022 and global inflation and regional tensions disrupted the different protocols created to boost the broader adoption of crypto technology. Consequently, the need to launch new Bitcoin ATMs drastically dropped in some regions that once led such initiatives.
Adoption Of Bitcoin ATMs Grows Among Countries
However, despite the worldwide decline in Bitcoin ATM adoption, some countries continue to record significant progress in their installation rate. According to on-chain data analysis, the United States and Canada occupied the first and second positions, respectively, among the countries with the highest number of Bitcoin ATMs.
Next in line were Spain and Australia, holding third and fourth positions, respectively, after taking the place of El Salvador. El Salvador currently holds the fifth position after the rate of ATMs installation drastically reduced in the country.
Meanwhile, during the last six months, BitAccess, a Bitcoin ATM producer, reportedly recorded a significant decline in ATM installations. On the contrary, other Bitcoin ATM manufacturers reported steady growth in manufacturing rate.
In addition, experts believe that the Bitcoin ATM sector is well-positioned to benefit from the upcoming crypto market bull as the bearish impact gradually wears off. Recent data suggests Australia has become the fourth most prominent cryptocurrency ATM space after overtaking El Salvador.
In addition, the country integrated its first Bitcoin ATM with Lightning Network (LN) features. With LN, the ATMs execute transactions near-instantly without needing to batch funds, which would significantly reduce transaction charges compared to on-chain transactions.
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