New Report: Bitcoin ATMs Plunged by 11% in 2023
According to research, the quantity of new Bitcoin ATMs continued to increase during the last decade. However, in 2022 the steady incline changed into a reverse trend. Researchers claim that during 2023, the total number of newly installed Bitcoin ATMs decreased by 11.1%. This is a deviation from the historical trend of a steady increase in Bitcoin ATMs during the beginning of every New Year.
As per Coin ATM Radar, the total number of Bitcoin ATMs was recorded at 33,628. In comparison with 37,827 on the same day last year the number is a few units behind. However, the total number of Bitcoin ATMs recorded at the beginning of the year end declined in 2024.
The tracker started to record Bitcoin ATMs in October, 2013. Since that time the total number of monthly Bitcoin ATMs has continued to increase on a monthly basis until recording ATH of 39,376 in August, 2022.
Bitcoin ATMs Declined More in the US
Since 2013, total Bitcoin ATM installations have continued to decrease. An important drop was noticed in 2023. The biggest decline was recorded in the United States. As per the statistics, total Bitcoin ATMs declined from 32,672 to 27,631 noticing a 15.4% decrease.
However, the USA has remained home to 82% of the total Bitcoin ATMs around the globe. On the other hand, the number increased in other national jurisdictions such as Canada, Spain, Poland, and Australia.
BitAccess’s Data Projections
Meanwhile, data projections from BitAccess, a firm that generates and installs units, have noted that its net installations declined by 26% going from 9,160 in August 2022 to 6,774 on 1st January, 2024.
On the other hand, two major ATM manufacturers namely General Bytes and Genesis Coin continued to increase total Bitcoin ATMs regardless. In the same manner, Bitcoin Depot one of the big firms in ATM sector also filed for public listing on NASDAQ on 3rd July and expanded operations to the 28th state of the United States.
Bitcoin Depot Files for Public Listing on NASDAQ
Bitcoin Depot recorded revenue of $179.5 million during the third quarter of 2023 recording a 3% year-to-year increase. Fintech firm GSR II Meteora Acquisition Corporation confirmed the acquisition of Bitcoin Depot in a public announcement on 30th June, 2023. The deal was finalized in August, 2022 in a $885 million special purpose acquisition deal.
According to Coin ATM Radar, there are 498 digital currency ATM operators with unit installations active in 71 nations. Bitcoin is the most popular listed cryptocurrency on most ATMs. Other most offered cryptocurrencies on the automated teller machines are Bitcoin Cash, Ethereum, Litecoin, and others.
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