Global Bitcoin ATM Installations Decline in 2023

At the beginning of 2023, the number of installed Bitcoin ATMs decreased by approximately 11.1% compared to the previous year. This is in contrast to a trend that dates back ten years and has seen a total increase at the beginning of each year.

Coin ATM Radar reports that the number of cryptocurrency automated teller machines (ATMs) around the world has decreased to 33,628 as of January 1, 2024, from 37,827 on January 1, 2023.

In 2023, the net total number of Bitcoin ATMs experienced a fluctuating pattern of increase and decline, but by the end of the year, it had settled into a downward trend. Since October 2013, when Coin ATM Radar started tracking cryptocurrency automated teller machines (ATMs) for the first time, the number of crypto ATMs has progressively increased every month until it reached an all-time high of 39,376 in August 2022.

Since then, however, the statistics have been on a downward trend, particularly throughout the year 2023. A total of 32,672 cryptocurrency automated teller machines (ATMs) in the United States fell by 15.4% in 2023, bringing the total number of ATMs in that country down to 27,631.

Despite this, the nation continues to be home to 82% of all cryptocurrency ATMs around the globe. During this time, Poland, Spain, Canada, and Australia all made steady progress in increasing their totals.

Coin-operated BitAccess, a producer of cryptocurrency ATMs, may have been a contributor to that decline, according to the statistics provided by Radar. BitAccess’s net installations dropped by 26%, going from 9,160 in August 2022 to 6,774 on January 1, 2024.

Cryptocurrency ATMs installed by General Bytes, Genesis Coin, BitAccess and Lamassu. Source: Coin ATM Radar

Despite this, two other major manufacturers, General Bytes and Genesis Coin, continued to increase the number of Bitcoin ATMs throughout the year. In the meantime, Bitcoin Depot, which is one of the most prominent participants in the cryptocurrency ATM industry, recently expanded to its 28th state in the US and became a publicly traded firm on the Nasdaq on July 3.

In the third quarter of 2023, it reported revenue of $179.5 million, which is a year-on-year increase of 3%. According to the statistics provided by Coin ATM Radar, there are a total of 498 crypto ATM operators located in 71 different countries.

Various cryptocurrencies that are supported by cryptocurrency ATMs. Source: Coin ATM Radar

Bitcoin (BTC) is the most popular cryptocurrency supported by cryptocurrency ATMs. Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC) are among the other cryptocurrencies that can be purchased from ATMs. Bitcoin (BTC) is the most widely used cryptocurrency.