June 5, 2024
Bitcoin News

Bitcoin ATM Network Sees First Decline Since July 2023

The worldwide network of Bitcoin ATMs has experienced a decline in active machines, marking a notable shift in the crypto landscape. This has happened for the first time in almost a year. According to recent data, the number of active Bitcoin ATMs has decreased, signaling a break in the ten-month-long streak of continuous growth.

U.S. and Canada Dominate, but Decline Hits Both

The United States and Canada continue to dominate the Bitcoin ATM market, collectively representing over 90% of the global network.

Crypto ATM distribution across different countries and continents. Source: Coin ATM Radar

However, both countries experienced a significant blow with over 300 ATMs going offline in May 2024. The U.S. saw a loss of 302 Bitcoin ATMs, while Canada witnessed 28 machines going offline during the same period.

New Additions in Select Regions Soften the Blow

While the decline in Bitcoin ATMs is evident in major markets like the U.S. and Canada, regions like Australia, Switzerland, and Europe have seen new installations, helping to mitigate the overall net decline.

As of the latest report, Australia boasts the third-largest network of active Bitcoin ATMs. Thus, demonstrating a growing interest in cryptocurrency adoption globally.

Number of Bitcoin machines installed over time globally. Source: Coin ATM Radar

Despite the downturn, Bitcoin Depot, the largest ATM operator in the U.S., remains optimistic about its performance. The company reported steady earnings in 2024. Thus, indicating a lack of correlation between its revenues and the fluctuating price of Bitcoin. According to Bitcoin Depot, the diverse range of services it offers, including money transfers and online purchases, plays a significant role in maintaining stable revenues irrespective of Bitcoin’s market performance.

While law enforcement agencies in the U.S. continue to crack down on Bitcoin ATMs associated with illicit activities, the exact reasons behind the recent decline in active machines remain unclear, leaving the crypto community speculating on potential factors influencing this unexpected downturn.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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