2023 has marked a notable decline in the number of crypto automated teller machines worldwide, plunging to levels not seen since November 2021. Data from coinatmradar.com reveal that July witnessed the steepest fall, with 4,123 crypto ATMs vanishing from the industry.
The Ebb and Flow of Crypto ATMs: 2023 Sees Major Fall from Grace
Thousands of crypto ATMs are now out of service. A vast majority of these machines vanished from the market this year, and by October 23, 2023, coinatmradar.com reported a total of 32,704 crypto ATMs globally. This figure pales in comparison to the record high of 39,353 units in August 2022, signifying that about 6,649 once-active crypto ATMs are now defunct.
March 2023 experienced a significant downturn with 3,568 machines going offline. Yet, July 2023 outpaced it, seeing 4,123 units discontinued. Following the slump in March, both April and May witnessed a slight resurgence in installations, a trend that also persisted post-July. October took the lead in new additions after the large dip, though it hasn’t fully offset the setbacks from July.
With the current count being 6,649 units shy of the August 2022 peak, it’s roughly on par with figures from November 2021. In terms of the largest operators, Bitcoin Depot reigns supreme with 6,306 crypto ATMs, constituting 19.3% of the global total. Coinflip trails in second place with 4,017 units, while Bitstop secures the third spot with 2,753 machines. Rockitcoin, Coinhub, and Athena Bitcoin round out the leading pack of five.
A dominant 32,693 crypto ATMs globally support bitcoin (BTC), with 18,141 accommodating other digital currencies alongside BTC. The most favored assets, apart from BTC, are litecoin (LTC), ethereum (ETH), and bitcoin cash (BCH). Moreover, 3,586 units cater to tether (USDT) users, and 2,208 facilitate transactions in Circle’s usd coin (USDC). While the crypto ATM count has dwindled by 16.89% since August 2022, it’s still 805 units above the July low of 31,899.
What do you think about the number of crypto ATMs dropping this year? Why do you think this is happening? Share your thoughts and opinions about this subject in the comments section below.