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While the rise in Bitcoin prices in the cryptocurrency market draws attention, significant data continues to emerge. For the first time in 10 months, the number of active Bitcoin ATMs worldwide has decreased since July 2023. The United States and Canada together represent 91.4% of the total Bitcoin ATM network, hosting 31,089 machines (82.6%) and 2,909 machines (7.7%) respectively.
ATM Numbers Decrease for the First Time
Countries worldwide significantly contributed to the monthly increase in Bitcoin ATM numbers throughout 2024, almost recovering the 38,000 points lost in January 2023.
However, the 10-month global crypto ATM growth streak was broken in May 2024 after more than 300 ATMs went offline. As of May 21, 302 Bitcoin ATMs disappeared from the US market within the month, while 28 machines went offline in Canada. However, the addition of new Bitcoin ATM machines in Australia, Switzerland, and Europe reduced the net decrease in crypto ATM numbers to 280 as of the current date.
US law enforcement actively monitors and shuts down Bitcoin ATMs frequently used for extortion and fraud. However, the reasons for the recent sharp decline in numbers remain unclear. Australia hosts the third largest active Bitcoin ATM network with 1,041 machines, following the US and Canada.
What is Happening in the ATM Sector?
Bitcoin Depot, the largest ATM operator in the US, managed to record steady gains in 2024. In its annual report submitted on April 15, the company stated that there is historically no correlation between its revenues and Bitcoin prices, sharing the following insights:
“According to our user surveys, the majority of our users use our products and services for non-speculative purposes, including money transfers, international remittances, and online purchases.”
According to the ATM operator, the lack of correlation between Bitcoin Depot’s revenues and Bitcoin prices is partly due to the nature of the services provided.
