The global network of Bitcoin ATMs has faced a decline of 334 machines in less than 40 days, coinciding with a drop in the price of Bitcoin. In June, 107 Bitcoin ATMs went offline, halting the 10-month trend of monthly installations. This decline was further exacerbated in July as 227 crypto ATMs were removed from the global network within five days. As countries like Australia and Spain expand their Bitcoin ATM presence, the United States and Europe have contributed the most to the global decrease. The US, hosting approximately 82.6% of the total Bitcoin and crypto ATMs worldwide, closed 182 ATMs in June and another 239 in the first week of July. Europe lost 29 ATMs in July, reducing the total number to 1,589 crypto ATMs. On the other hand, Australia added 77 new Bitcoin ATMs to the global circulation. The ongoing decrease in crypto ATMs might be linked to the global pressure authorities are applying to prevent financial crimes. US officials, including the Secret Service's Cyber Fraud and Money Laundering Task Force, have previously investigated Bitcoin ATM operators and their involvement in crypto frauds. The largest ATM operator in the US, Bitcoin Depot, revealed that there is no correlation between cryptocurrency prices and revenues. Despite Bitcoin's 155% surge in 2023, Bitcoin Depot reported only a 6% increase in annual revenue. The lack of correlation between Bitcoin Depot's revenues and Bitcoin prices is partly due to the nature of the provided services, according to company officials who mentioned that most users utilize their products and services for non-speculative purposes such as money transfers, international remittances, and online purchases.
Bitcoin ATM Network Sees Decrease in Global Network
by Giorgi Kostiuk
2 years ago
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