The largest monthly drop records 3,600 Bitcoin ATMs

On April 1, 37 new bitcoin ATMs were put in place, which stopped a drop that had been happening for the past three months.

The largest monthly drop records 3,600 Bitcoin ATMs
The largest monthly drop records 3,600 Bitcoin ATMs

The number of conventional ATMs that just facilitate currency swaps for various cryptocurrencies is on the decline, which stands in stark contrast to the meteoric rise in Bitcoin’s popularity around the globe. Just during March, 3,627 automated teller machines (ATMs) for cryptocurrencies were removed from the network, bringing the total number of ATMs up to 33,727.

The monthly net change of cryptocurrency machines installed and removed has remained generally positive in the decade after the introduction of the first Bitcoin ATM on October 29, 2013, suggesting that the total number of crypto ATMs throughout the world has greatly expanded.

The first Bitcoin ATM was installed on October 29, 2013. Nevertheless, findings from studies conducted by Coin ATM Radar show that the trend may soon begin to change in the opposite direction.

The largest monthly drop records 3,600 Bitcoin ATMs
Net change of cryptocurrency machines number installed and removed monthly. Source: Coin ATM Radar

For four months, commencing in September 2022 and concluding in March 2023, there was a general downward trend in the overall number of bitcoin ATM installations. Despite this, March 2023 is the month that stands out as having the biggest monthly drop; during that month, 3,627 bitcoin ATMs closed their doors.

The largest monthly drop records 3,600 Bitcoin ATMs
Number of bitcoin machines installed over time. Source: Coin ATM Radar

The graph that depicts the development of the number of bitcoin machines over time indicates a steep reduction in the overall number of bitcoin ATMs. This decline in the number of Bitcoin ATMs has been going on for quite some time.

When taking into mind the fact that 2,048 ATMs were built in a single month as recently as January 2021, the importance of this reduction looks to be enormous when taken into consideration.

The largest monthly drop records 3,600 Bitcoin ATMs
The number of cryptocurrency machines installed per each top manufacturer over time. Source: Coin ATM Radar

On April 1st, a downward trend that had been prevalent for the preceding three months was reversed when 37 new bitcoin ATM installations were recorded

This trend had been on a downward trajectory. The cryptocurrency ATM manufacturing market is now dominated by three companies: General Bytes, BitAccess, and Genesis Coin.

After losing client monies in March due to a “security event” in which its customers’ hot wallets were compromised, General Bytes pledged to repay the losses.

General Bytes stated in a statement, “We have taken urgent measures to prevent further illegal access to our systems and are working relentlessly to secure our clients.”


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