The global network of cryptocurrency ATMs is experiencing a resurgence, with installations surging by 17.8% over the past year. This growth brings the total number of crypto ATMs worldwide to 38,279, inching closer to the all-time high of 39,541 set in December 2022 (data courtesy of Coin ATM Radar).
The year 2023 saw a net loss of crypto ATMs, with installations lagging behind removals. However, 2024 has painted a brighter picture. So far this year, there have been 2,564 new crypto ATM installations, a significant improvement compared to the net loss of 2,861 machines in all of 2023.
This positive trend reflects a renewed interest in cryptocurrencies, with a steady increase in installations reported every month from July 2023 to May 2024. Although June saw a slight dip of 115 installations compared to May, the month ended on a strong note with a net increase of 377 machines.
Industry Leaders and Geographic Distribution
Bitcoin Depot, Coinflip, and Athena Bitcoin are the current frontrunners in the crypto ATM operator race, boasting 7,543, 5,057, and 2,756 machines, respectively. Unsurprisingly, Bitcoin remains the king of crypto ATM transactions, followed by Bitcoin Cash, Ether, and Litecoin.
The United States dominates the global crypto ATM landscape, housing a staggering 82% of all machines. Canada follows distantly with 7.7%. Interestingly, Australia has witnessed a remarkable surge in installations, experiencing a near 17-fold increase over the past two years, bringing their total to 1,107 machines. At this rate, Australia might even surpass Europe’s current count of 1,584 ATMs.
Other notable players in the crypto ATM space include Spain (313 machines), Poland (279 machines), El Salvador (215 machines), Germany (177 machines), and Hong Kong (169 machines). Romania, Georgia, Switzerland, Austria, and New Zealand also boast over 100 crypto ATMs each.
Market Fluctuations and Recovery
It’s worth noting that the crypto ATM market experienced a significant decline between December 2022 and July 2023, reaching a low of 32,764 machines – an 18-month low point. Data suggests that cryptocurrency ATM manufacturer BitAccess might have contributed to this dip, with their net installations dropping 26% from 9,160 in August 2022 to 6,774 in January 2024. However, BitAccess has since managed to recover, increasing their net installations by 1,208 machines.
The resurgent growth in crypto ATM installation indicates a potential rise in user adoption and mainstream acceptance of digital currencies. As the global network expands and regulatory frameworks evolve, crypto ATMs could play a more significant role in bridging the gap between traditional finance and the decentralized world of cryptocurrencies.