More than 5,700 Crypto ATMs Retired in 2023, This is the First Annual Decline
Crypto automated teller machines (ATMs) have experienced a decline this year; This marks the first decline since October 2013, with the total falling from 39,350 to 33,620 today. Approximately 5,730 cryptocurrency ATMs were taken out of service, representing a decrease of 14.56% from the peak in December 2022.
More than 5,700 Crypto ATMs Disappeared in the Historic Crisis of 2023
This year marks an unprecedented shift in the landscape of crypto-centric ATMs, witnessing the first annual decline since its inception. Data from coinatmradar.com shows that there were 39,350 machines distributing crypto assets such as bitcoin (BTC) and ethereum (ETH) in December 2022. From this summit the view has changed; More than 14% of the original 39,000 units, or a total of 5,730 machines, were removed, bringing the current total to approximately 33,620 crypto ATMs.
Source: coinatmradar.com/charts/growth/
2023 was the year of continuous removal of machines, with no increase for the first four months. Approximately 1,523 devices were taken out of service in January, followed by 210 machines in February, and a significant 3,555 ATMs were taken out of service in March. The trend continued with the release of an additional 340 machines in April. However, a turning point occurred in May when 1,711 machines were installed, followed by another 857 machines in June.
July was the most severe month of the year for withdrawals, with an estimated 4,218 machines taken out of service, leading to the most significant monthly decline ever recorded. There were clear increases in the following months, but none were enough to offset previous losses. Global figures reveal that Bitcoin Depot is the leading crypto ATM operator with 6,311 machines, followed by Coinflip with 3,880 devices.
As of December 30, 2023, Bitstop operates 2,854 machines, Rockitcoin operates 2,227 units, and rounding out the top five, Athena Bitcoin operates 1,891 crypto ATMs. Approximately 82.2% of total crypto ATMs are located in the United States, and 8.4% of the machines are located in Canada. Europe accounts for 4.6% of the global number of crypto ATMs, while Australia is home to 2.3% of these devices. As the year draws to a close, the exact reasons behind the significant decline in crypto ATMs remain unclear.
While the dramatic drop in numbers suggests that interest in these machines is waning, it is equally plausible that the turbulent ‘crypto winter’ of 2022 will negatively impact the businesses that operate them. The fate of crypto ATMs, like the market itself, remains an area of cautious expectation as both crypto ATM operators and consumers adapt to this evolving environment.
What do you think about the loss of crypto ATMs in 2023? Share your thoughts and opinions on this topic in the comments section below.
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