Over 400 Bitcoin ATMs Removed in 60 Days
Data from Coin ATM Radar unraveled the sharp reduction in crypto ATM installations in the previous 60 days, recording a decrease of more than 400 crypto ATM machines in under 60 days. Since 2014, the total number of ATM installations was rallying steadily up until mid-2021 when the trend became neutral and then began to sharply decline in 2022.
September 2022 marked as the first time in which the total crypto ATM installations witnessed a net decline. Yet, 2023 marked a new low as there has been a decline in total crypto ATMs installed for two months in a row.
The main driver of this phenomenon may perhaps be the rising operational costs in the crypto space, with Bitcoin Depot recently converting a whopping 7,000 machines into BitAccess software to diminish costs.
Net Crypto ATM Installations Worldwide
Source: Coin ATM Radar
Sources:
https://cointelegraph.com/news/bitcoin-atm-decline-over-400-machines-went-off-the-grid-under-60-days
https://cointelegraph.com/news/bitcoin-depot-converts-btc-atms-to-software-to-reduce-operating-costs
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