Global Bitcoin ATM Network Shrinks: 334 Machines Removed in 40 Days

Ecem EFE05/07/20242 Mins read303

Global Bitcoin Atm Network Shrinks: 334 Machines Removed In 40 Days

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.

Table of Contents

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.

For more up-to-date crypto news, you can follow Crypto Data Space.

Previous post Stock Market Today- Find Out If the Stock Market Is Open or Closed on July 4th, 2024

Next post What Are Experts Saying About Ethereum Price's Future?

Written by

Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.