The global Bitcoin ATM network experienced a decline for the first time since July 2023, mainly due to shutdowns in the US and Canada.
The number of Bitcoin ATMs that are now operational across the globe has experienced a decline for the first time since July 2023. The United States of America and Canada are responsible for 91.4% of the total Bitcoin ATM network.
Global Bitcoin ATM Growth in 2024
These two countries are home to 31,089 (82.6%) and 2,909 (7.7%) separate machines, respectively. The month-on-month increase in Bitcoin ATMs during 2024 was the result of considerable contributions from countries all over the world.
The increase nearly restored the 38,000 mark lost in January 2023. However, the global crypto ATM growth streak that had been going on for ten months came to an end in May 2024, when more than three hundred ATMs went offline.
During the month of May, the United States market experienced a loss of 302 Bitcoin ATMs, while the Canadian market experienced a loss of 28 machines.
However, the introduction of new Bitcoin ATMs in Europe, Switzerland and Australia has reduced the net loss of cryptocurrency ATMs to 280 at the time of publication.
Law enforcement agencies in the United States are actively pursuing and shutting down Bitcoin automated teller machines, frequently utilized for extortion and scams.
On the other hand, the reasons behind the recent significant decline in their numbers are still being investigated. After the United States and Canada, Australia is home to the third-largest network of operating Bitcoin ATMs, with 1,041 machines, which accounts for 2.8% of the total.
In 2024, Bitcoin Depot, the largest ATM operator in the United States, reported consistent earnings. The company disclosed in its April 15 10-K annual report that there was no historical correlation between the company’s revenues and the price of Bitcoin.
Bitcoin Depot noted that “based on our own user surveys, the majority of our users use our products and services for non-speculative purposes.” Money transfers, foreign remittances, and online purchases are just some of the examples of the types of transactions that fall under this category.
According to the ATM operator, there is no link between Bitcoin Depot’s revenues and the price of bitcoin. The nature of the services provided partially accounts for this lack of correlation.