Global Bitcoin ATM Network Contracts by 334 Machines Amid Price Decline
Global Bitcoin ATM Network Shrinks: Coinciding with the downturn in Bitcoin prices, the global network of active Bitcoin ATMs has witnessed a significant contraction, losing 334 machines in less than 40 days.
Global Bitcoin ATM Decline: US and Europe Lead Removals in June-July
In June, the number of Bitcoin ATMs globally dropped by 107 units, halting a 10-month trend of continuous month-on-month installations. The reduction accelerated in July, with an additional 227 crypto ATMs removed from circulation by July 5. The United States and Europe emerged as key contributors to this decline, with the U.S., hosting approximately 82.6% of all Bitcoin and crypto ATMs worldwide, shedding 182 machines in June and another 239 in the first week of July. Meanwhile, Europe saw a decrease of 29 ATMs in July, reducing its total count to 1,589 crypto ATMs.
Despite these reductions, countries like Australia have bucked the trend by adding 77 new Bitcoin ATMs during the same period.
The decline in crypto ATMs is believed to stem from global regulatory efforts aimed at combating financial crimes. Authorities such as the United States Secret Service’s Cyber Fraud and Money Laundering Task Force have previously scrutinized Bitcoin ATM operators for potential involvement in crypto-related scams.
Bitcoin Depot Revenue Unaffected by Bitcoin Price Surge, Diversified Services Key
Bitcoin Depot, the largest ATM operator in the United States, has reported that its revenue does not correlate with Bitcoin’s price volatility. Despite Bitcoin’s 155% surge in 2023, Bitcoin Depot’s year-over-year revenue growth was only 6%. According to the company, this lack of correlation is partly due to the diversified usage of their services, including money transfers, international remittances, and online purchases, as indicated by user surveys.
FAQ
Why is the global network of Bitcoin ATMs shrinking so rapidly?
The contraction in the global Bitcoin ATM network is occurring concurrently with the downturn in Bitcoin prices. The network lost 334 machines in less than 40 days, with significant reductions observed in June and July.
Which countries are contributing most to the decline in Bitcoin ATMs?
The United States and Europe are key contributors to the decline in the global Bitcoin ATM count. Despite hosting approximately 82.6% of all Bitcoin and crypto ATMs worldwide, the U.S. removed 182 machines in June and an additional 239 in early July. Meanwhile, Europe saw a decrease of 29 ATMs in July, bringing its total count to 1,589 crypto ATMs.
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