Bitcoin ATM Net Deployment Declining Globally For First Time

Bitcoin ATM Net Deployment Declining Globally For First Time

The domino effect of the ongoing bear market has now reached bitcoin ATMs as in September 2022 they saw a net decline for the first time ever in the world. This decline is primarily due to reduced growth in the USA.

For example, the number of bitcoin ATMs fell to 37,980 devices in September after hitting a record high of 38,776 units in August. According to CoinATMRadar, there was a minus of 2.05% for the past month for the first time.

Number of bitcoin ATMs worldwide. Source: CoinATMRadar

Crypto ATM setup/dismantling data shows that as much as 796 Bitcoin ATMs were taken offline in September. In the USA alone, 825 machines were dismantled. Europe, Canada, and a few other regions, meanwhile, added more equipment than they removed, mitigating at least slightly the sizeable decline in the United States.

Net evolution of bitcoin ATMs. Source: CoinATMRadar

Despite the negative news, data from the last 60 days shows that an average of around 14 crypto ATMs are still being installed around the world every day. The display Genesis Coin clearly has the leading role with a market share of 40.3%. The other big players are General Bytes and BitAccess.

The sudden drop in bitcoin ATMs is most likely due to the ongoing geopolitical tensions and crisis in the crypto market.

While external factors are initially slowing down the expansion of crypto ATMs noticeably, there is still great interest in such machines in many countries.

Japan has recently tried again to set up crypto ATMs, which should find their home in Tokyo and Osaka. The Japanese crypto exchange Gaia Co. plans to set up a total of 50 Bitcoin ATMs by August 2023.

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