- Global Bitcoin ATMs decreased by 334 machines in less than 40 days.
- The United States and Europe saw the largest declines in Bitcoin ATM numbers.
- Bitcoin Depot reports no correlation between its revenues and Bitcoin prices.
The global network of active Bitcoin ATMs saw a significant reduction, with 334 machines going offline in less than 40 days. In June, 107 Bitcoin ATMs were removed, ending a 10-month streak of increasing net installations. This trend accelerated in July, with 227 ATMs decommissioned by July 5.
Regional Trends and Contributing Factors
The United States and Europe were the primary regions contributing to this decline. The U.S., home to about 82.6% of the world’s Bitcoin and crypto ATMs, saw a reduction of 182 machines in June and an additional 239 in the first week of July. Europe also experienced a decrease, losing 29 ATMs in July, bringing its total down to 1,589 machines. In contrast, Australia expanded its Bitcoin ATM footprint by adding 77 new machines.
Impact of Regulatory Measures
The reduction in Bitcoin ATMs is partly attributed to increased regulatory scrutiny aimed at curbing financial crimes. Authorities such as the United States Secret Service’s Cyber Fraud and Money Laundering Task Force have investigated Bitcoin ATM operators for their potential involvement in crypto scams.
Despite these changes, Bitcoin Depot, the largest ATM operator in the U.S., reported no correlation between Bitcoin prices and their revenue. The company noted that its revenues for 2023 and 2022, amounting to $689 million and $647 million respectively, did not align with Bitcoin’s price fluctuations. Bitcoin Depot attributed this to the non-speculative use of its services, including money transfers, international remittances, and online purchases.
The decline in Bitcoin ATMs highlights the ongoing challenges and regulatory pressures faced by the cryptocurrency industry. However, operators like Bitcoin Depot continue to emphasize the diverse and practical applications of their services beyond mere speculation.
