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Bitcoin ATM Growth Stagnates, Net Addition Shows Just 94 In Second Half 2022

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The number of Bitcoin ATMs installed globally, tracked by CoinATMRadar, has been in stark decline since July 2022 – just 94 machines were added over the last six months compared to a total of 4,169 during the first half of 2022. 

The installation rate had plummeted significantly when it was once averaging thousands of new ATMs every month. The number of Bitcoin ATM machines has decreased as a result of recent declines in the cryptocurrency market. 

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Source: CoinATMRadar

The Crypto Winter of 2022 had a significant impact on the cryptocurrency industry, resulting in a decline. Bitcoin’s value fell by 64%, and companies such as crypto exchanges Celsius Network, FTX, and Bitcoin Miners companies struggled to stay afloat.

The downturn was also reflected in the number of cryptocurrency ATMs in the United States. According to CoinATMRadar, ATMs peaked at over 34,000 in August but decreased slightly. 

In September, the industry experienced a historic first, with more ATMs being removed from service than being installed, although there was a slight recovery in October.

Bitcoin ATM Network’s Current Statistics

Currently, there are 36445 crypto ATMs in operation, 94% of which are situated in North America. The United States accounts for around 86% of the market share for crypto ATMs, with 33555 ATMs, Canada for 6.6% with 2561, and Europe for 3.9% with 1507.

Furthermore, statistics on the decline in crypto ATM installations for the month of September reveal that 447 machines were taken out of the worldwide network, with the majority of those machines coming from solely the United States.

Despite this loss, there have been more additional installations put in place. In December 2022, the data shows that there was an increase of 114 ATM installations. However, in January of the following year, there was again a decrease of about 93 ATMs.

According to the speed chart from CoinATMRadar, 4.7 new crypto ATMs are installed on average each day. Additionally, Bitaccess dominates the market for the production of cryptocurrency ATMs since it has a 30% share of this industry, based on recent figures from the worldwide crypto-ATM market.

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Bitcoin ATMs Future Struggles As Crypto Market Continues To Dip

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Recent dips in the cryptocurrency market have led to decreasing number of Bitcoin ATM machines. It decreased by 2% in September compared to its all-time high back in August. 

As shown in data gathered from CoinATMRadar, there are now only 37,980 active Bitcoin ATMs worldwide today – down from 38,776 that were running just last month.

The popularity of Bitcoin ATMs was increased steadily in the past few years due to how easy it is for people to access them and invest in cryptocurrencies without going through Know Your Customer (KYC) procedures.

Because of recent drops in the value of Bitcoin and other cryptocurrencies, which have continued since the beginning of 2022 due to rising inflation and a central bank aiming to raise interest rates, many investors avoid riskier assets out of fear. Therefore, significant profits were lost as Bitcoin kept going downhill on the roller coaster.

Installations of cryptocurrency ATMs skyrocketed between January 2020 and January 2022, more than quintupling to 34,388 devices worldwide. After years of increased demands, the Bitcoin bear market finally caught up with many Bitcoin ATM networks. 

September 2022 marked one of the lowest installation rates worldwide, despite the fact that there are already close to 39,000 ATMs operating worldwide – representing a 3,818% growth since 2017.

Down Slide Of Bitcoin ATM Networks

There are 38181 crypto ATMs currently operating; 95% of these are located in North America, with about 87.9% of the market share for crypto ATMs going to the U.S., Canada having 6.3%, and Europe having 3.8%.

In addition, data about the decrease in crypto ATM installations for the month of September show that 796 machines were removed from the global network, and most of those machines came from just America alone. 

In spite of this setback, there has been an increase of new installations on the ground all across Europe and Canada as well. The data shows that as of the beginning of the new month of October, there has been an increase of 201 installations.

CoinATMRadar’s speed chart indicates that, on average, fourteen(13.9) new crypto ATMs are installed daily. The speed is measured using a gauge scale that is based on the last 60 days, whereas the speed is based on the previous seven days.

Moreover, according to current statistics from the global crypto-ATM market, Genesis Coin leads the market for the manufacturing of cryptocurrency ATMs because it has a 40.3% share of this segment. General Bytes is in second place with 23.1%; after them, Bitaccess (15%), Coinsource (5.2%), Bitstop (5.7%), Bytefederal (2.7%), and others 8.2%.

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