The number of Bitcoin ATMs in the world continues to decline, and March 2023 was recorded as the worst month for crypto ATMs.

3600+ Bitcoin ATMs Went Offline in March; Around 30K Remain

  • The number of Bitcoin ATMs in the world continues to decline, and March 2023 was recorded as the worst month for crypto ATMs.
  • Over 3,627 Bitcoin ATMs were removed from the network in March 2023, and now, around 33,727 total ATMs around the world are left.
  • The new installation of crypto ATMs has declined between September 2022 and March 2023, with March 2023 having the largest monthly decline. 
  • On April 1, the three-month downtrend for Bitcoin ATM installation was broken, and around 37 ATMs were installed.
  • The companies with the largest market shares in the industry are General Bytes, BitAccess, and Genesis Coin.

Bitcoin (BTC), the world’s largest crypto coin, is currently on the rise, and in the first quarter of 2023, it has outperformed most of the asset classes in the world amid fears of the US banking system’s collapse and increasing inflation. However, contrary to the movement of the leading crypto coin, the number of BTC ATMs in the world continues to decline due to regulatory uncertainty.

In March, over 3,627 Bitcoin ATMs were removed from the network, and now, around 33,727 total ATMs around the world are left, which means that the popularity and usage of these machines are following a downtrend despite the popularity of crypto being higher than ever. It is important to mention here that in the decade since the first Bitcoin ATM was launched on October 29, 2013, the number of ATMs installed has been higher than the number of ATMs that went offline.

However, this trend is now reversing, and according to the data from Coin ATM Radar, the total number of Bitcoin ATMs around the globe are no longer steadily increasing but are on the path of decreasing. The new installation of crypto ATMs has declined between September 2022 and March 2023, and with 3,627 crypto ATMs going down last month, March 2023 stands out as the month with the largest monthly decline.

As seen in the image below, the net growth of Bitcoin ATMs has taken a hit, as it is clear that the trend is now changing. The highest number of ATMs, at 2048, were installed back in January 2021. Since then, not much growth has been seen, and the significance of this reduction seems enormous. 

However, there is a positive side to this trend as well. On April 1, the three-month downtrend for Bitcoin ATM installation was broken, and around 37 ATMs were installed. The companies with the largest market shares in the industry are General Bytes, BitAccess, and Genesis Coin. Further, according to an earlier report, Bitcoin Depot, a crypto ATM operator, announced that it was going public in August 2022 after establishing over 7,000 ATMs across North America. 

As reported earlier by BitcoinWisdom, Spain was named the country with the third-largest number of bitcoin and cryptocurrency ATMs in October 2022. The country installed 215 crypto ATMs in October 2022 and now has around 276 crypto ATMs in operation. The country has moved to the fourth position, while the United States stands first with 28,909 machines in operation. 

On the other hand, the second position goes to Canada with 2,679 machines in operation, while the third highest number is 336 for Australia. The first country to adopt Bitcoin as legal tender, El Salvador, stands at fifth with 212 ATMs, preceded by Poland with 234 machines in operation. 

Avatar
Parth Dubey Verified

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

Latest News