Decline in Bitcoin ATM Installation
The number of Bitcoin ATMs worldwide has decreased from 37,827 in January 2023 to 33,628 in January 2024, according to Coin ATM Radar. This marks a significant decline in just one year.
Unusual Downturn in Bitcoin ATM Installation
For the past decade, the number of installed Bitcoin ATMs has been increasing each year. However, in 2023, there was a departure from this trend as the total count of Bitcoin ATMs declined. The global count is now approximately 11.1% lower than at the beginning of 2023.
In particular, the United States experienced a substantial drop of 15.4% in its ATM count, falling from 32,672 to 27,631 throughout 2023. BitAccess, a major crypto ATM manufacturer, also witnessed a significant decline in installations.
Positive Developments
Despite the decline in the US, Bitcoin ATM figures continued to grow in Australia, Canada, Spain, and Poland. General Bytes and Genesis Coin, two major manufacturers, also expanded the count of Bitcoin ATMs throughout the year.
In addition to these developments, Bitcoin Depot went public on the Nasdaq and expanded its operations to the 28th US state. The company reported a revenue of $179.5 million in Q3 2023, indicating a 3% year-on-year increase.
Hot Take: A Mixed Year for Bitcoin ATMs
While Bitcoin ATMs experienced a decline in installations globally and particularly in the US, there were still positive developments within the industry. The growth of Bitcoin ATMs in countries like Australia, Canada, Spain, and Poland shows that there is still demand for these machines in certain regions.
Furthermore, the success of Bitcoin Depot going public and reporting increased revenue demonstrates that there is potential for growth and profitability in the Bitcoin ATM sector. It will be interesting to see how this industry evolves in the coming years and whether the decline seen in 2023 will continue or reverse.
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