The crypto automated teller machine (ATM) market saw an unanticipated fall in 2023—the first yearly loss since the market’s founding. From a peak of 39,350 machines in December 2022, the number has decreased to 33,620, indicating a significant 14.56% fall. The significant thing about this decline is that 5,730 cryptocurrency ATMs were taken out of service.
There is a noticeable decline in Crypto ATM
Over the first four months of the year, the trend of removals continued, with 1,523 devices being removed in January. March saw the substantial decommissioning of 3,555 ATMs, with February following suit with the discontinuation of 210 machines. With 340 more machines removed in April, the pattern was maintained. But in May, something changed with the installation of 1,711 machines, and in June, there were 857 more. July was the worst month ever for withdrawals, with an estimated 4,218 machines being decommissioned, which resulted in the largest monthly fall ever observed.
Months after that saw net increases, but not enough to make up for the losses from before. According to statistics from throughout the world, Coinflip comes in second with 3,880 devices, and Bitcoin Depot leads the pack with 6,311 machines. By the end of 2023, Bitstop had 2,854 machines under management, Rockitcoin had 2,227, and Athena Bitcoin had 1,891 cryptocurrency ATMs. These three companies made up the top five. Roughly 82.2% of all cryptocurrency ATMs are located in the United States, with 8.4% of them located in Canada. 2.3% of the world’s cryptocurrency ATMs are located in Australia, with Europe accounting for 4.6% of the total.
The specific causes of the noteworthy drop in cryptocurrency ATMs are still unknown, notwithstanding these big changes. It’s possible that the turbulent “crypto winter” of 2022 had a negative effect on the companies that were using these machines, even though the sharp decline would indicate a decline in interest in them. Future plans for crypto ATMs themselves, like the marketplace as a whole, remain a subject of cautious anticipation as users and operators adjust to this changing landscape.
Activities and the future unknown route
Changes in market conditions or the aftermath of difficult times for the cryptocurrency sector could be the cause of the changes in the numbers. From what I could see looking around the terrain, 2023 began on a very evident downward slope as more and more machinery were removed. The installation of more than 1,700 devices in May, however, appeared to indicate a shift in the tide. June saw the addition of 857 new ATMs, continuing the good trajectory. July proved to be a turning point in spite of these increases as 4,218 machines were removed in an unprecedented manner, making it the largest monthly reduction ever.
With an astonishing 6,311 machines, Bitcoin Depot emerged as the front-runner in the competitive world of cryptocurrency ATM operators. With 3,880 devices, Coinflip took second place, demonstrating how dominant these two companies are in the industry. The remaining cryptocurrency ATMs are managed by Bitstop, Rockitcoin, and Athena Bitcoin, who completed the top five. The United States is home to the majority of cryptocurrency ATMs (82.2%), which is concentrated there geographically and solidifies the country’s standing as a prominent actor in the cryptocurrency ecosystem.
Australia contributes 2.3% and Europe 4.6% of the machines, respectively, with Canada coming in second with 8.4%. The state of the cryptocurrency ATM market is dynamic and changing as the year comes to an end. Concerns concerning these machines’ ability to withstand market issues are brought up by the uncertainties surrounding the numbers fall. It is unclear if the decreased number is the result of changing customer choices, legislative actions, or other market factors. 2023 was a challenging year for the cryptocurrency ATM market, with the number of machines falling for the first time since its inception.
