Global Bitcoin ATM Decline: The Role of US Shutdowns
Crypto News- For the first time since July 2023, the global number of active Bitcoin ATMs has decreased.
The United States and Canada make up 91.4% of the total Bitcoin ATM network, with the U.S. hosting 31,089 machines (82.6%) and Canada hosting 2,909 machines (7.7%). Throughout 2024, countries around the world have significantly contributed to the month-on-month increase in Bitcoin ATMs, nearly reaching the 38,000 mark that was lost in January 2023. However, this 10-month growth streak ended in May 2024, as over 300 ATMs went offline. As of May 21, the U.S. market saw a loss of 302 Bitcoin ATMs during the month, while Canada saw 28 machines go offline.
Despite this, the installation of new Bitcoin ATMs in Australia, Switzerland, and Europe helped mitigate the net decline to 280 machines. Law enforcement agencies in the U.S. have been actively shutting down Bitcoin ATMs that are frequently used for extortion and scams, but the specific reasons behind the recent sharp decline remain unclear.
Australia hosts the third-largest network of active Bitcoin ATMs, with 1,041 machines (2.8%).
Bitcoin Depot Reports Steady Earnings Despite Bitcoin Price Fluctuations
Bitcoin Depot, the largest ATM operator in the U.S., reported steady earnings in 2024. The company stated in its 10-K annual report filed on April 15 that there is no historical correlation between its revenues and the price of Bitcoin. “Based on our own user surveys, a majority of our users use our products and services for non-speculative purposes, including money transfers, international remittances, and online purchases, among others,” Bitcoin Depot wrote.
The lack of correlation between Bitcoin Depot’s revenues and the price of Bitcoin is partly due to the nature of the services provided, according to the ATM operator.
FAQ on the Recent Decrease in Bitcoin ATMs
Why has the global number of active Bitcoin ATMs decreased for the first time since July 2023?
The global number of active Bitcoin ATMs decreased primarily due to over 300 ATMs going offline in May 2024. This marked the end of a 10-month growth streak in Bitcoin ATMs. The U.S. market lost 302 Bitcoin ATMs, while Canada saw 28 machines go offline.
What percentage of the total Bitcoin ATM network is hosted by the United States and Canada?
The United States and Canada together represent 91.4% of the total Bitcoin ATM network. The U.S. hosts 31,089 machines (82.6%), and Canada hosts 2,909 machines (7.7%).
How did other countries contribute to the global Bitcoin ATM network in 2024?
Throughout 2024, various countries contributed to the month-on-month increase in Bitcoin ATMs, nearly reclaiming the 38,000 mark that was lost in January 2023. New Bitcoin ATMs in Australia, Switzerland, and Europe helped mitigate the net decline to 280 machines.
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