In 2023, cryptocurrency automated teller machines (ATMs) recorded a decline, which makes it the first downturn seen since October 2013.
The total count of crypto ATMs fell from 39,350 to 33,620. The total number of crypto ATMs decommissioned stands at 5,730, which marks a 14.56% decline from the peak in December last year.
The decline
2023 marked an unprecedented change in the world of crypto ATMs, as they recorded their first annual decline since their inception.
The data shows that in December 2022, the total number of existing crypto ATMs stood at 39,350, which distributed crypto assets, such as Bitcoin and Ethereum.
However, there was a change in the landscape that saw them drop by 14% from that peak to the existing count of 33,620 crypto ATMs today.
In the first four months of 2023, there was a continuous removal of crypto ATMs and no new ones were added to the mix.
In January, the total number of machines removed stood at 1,523, while 210 machines were discontinued in February.
In March, a significant number of 3,555 ATMs were decommissioned and the trend continued in April with 340 ATMs being taken out.
More numbers
Things turned around briefly in May when around 1,711 new ATMs were installed and then in June another 857 new machines were put in.
But, the most severe month of 2023 turned out to be July because it saw a total of 4,218 crypto ATMs being decommissioned, thereby leading to the mostly substantial monthly decline.
Net additions were recorded in the subsequent months, but none were enough to offset the losses recorded earlier.
Global figures show that the leading crypto ATM operator was Bitcoin Depot, as it had a total of 6,311 machines with Coinflip taking the second spot with 3,880 devices.
The details
As of December 30th, 2023, 2,854 machines were under the operation of Bitstop, while the fourth spot was claimed by Rockitcoin with 2,227 ATMs.
The fifth spot was taken up by Athena Bitcoin, which had a total of 1,891 crypto ATMs under its operation.
Almost 82.2% of all crypto ATMs can currently be found in the United States, while 8.4% of the total are hosted in Canada.
4.6% of the global crypto ATMs exist in Europe and 2.3% of these machines can be found in Australia. But, there does not seem to be any clear reason behind the decline in the numbers of crypto ATMs.
Even though a dramatic drop in the number of crypto ATMs could point to a dwindling interest in these devices, it is also possible that their business could have been adversely impacted due to the crypto winter.
2022 proved to be a tumultuous year for the crypto market and both consumers and crypto ATM operators are likely trying to adapt to the evolving environment.
Therefore, the future of crypto ATMs, much like the crypto market itself, is an area of watchful anticipation.