Bitcoin ATM network shrinks by 334 machines in 40 days

    07 Jul 2024

    Coinciding with the decline in Bitcoin prices, the global network of active Bitcoin ATMs decreased by 334 machines in less than 40 days.

    In June, 107 Bitcoin ATMs went offline, ending the 10-month trajectory of month-on-month increases in net installation. The reduction was further catalyzed in July. Within five days, as of July 5, 227 crypto ATMs were removed from the global network.

    While countries like Australia and Spain continue to expand their Bitcoin ATM footprint, the United States and Europe are key contributors to its global reduction. The U.S., which hosts roughly 82.6% of total Bitcoin and crypto ATMs in the world, shed 182 ATMs in June and 239 ATMs in the first week of July alone.

    Europe lost 29 ATMs in July, bringing down its total to 1,589 crypto ATM machines. On the other hand, Australia added 77 new Bitcoin ATMs into global circulation.

    The ongoing decline in crypto ATMs could be attributed to a global crackdown by authorities to curb financial crimes. Authorities, including the United States Secret Service’s Cyber Fraud and Money Laundering Task Force, have previously investigated Bitcoin ATM operators and their involvement in crypto scams.

    Check out Cointelegraph’s beginner’s guide to learn more about Bitcoin ATMs and teller machines.

    Bitcoin Depot, the biggest ATM operator in the United States, revealed no correlation between cryptocurrency prices and their revenue.

    The company’s revenues in 2023 and 2022, $689 million and $647 million, respectively, have not been correlated to the price of Bitcoin, even in light of volatile Bitcoin prices.

    For example, when Bitcoin surged 155% in 2023, Bitcoin Depot’s year-over-year revenue growth amounted to just 6%, the company stated. According to the ATM operator, the lack of correlation between Bitcoin Depot’s revenues and the BTC price comes partly from the nature of the services provided.

    “Based on our own user surveys, a majority of our users use our products and services for non-speculative purposes, including money transfers, international remittances, and online purchases, among others,” Bitcoin Depot wrote.


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