Bitcoin ATM network shrinks by 334 machines in 40 days

Arijit Sarkar13 hours agoBitcoin ATM network shrinks by 334 machines in 40 daysGlobal Bitcoin ATM network shrinks by 334 machines in under 40 days, with the US and Europe seeing the most significant reductions.3589 Total views22 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCoinciding with the decline in Bitcoin prices, the global network of active Bitcoin ATMs decreased by 334 machines in less than 40 days.

In June, 107 Bitcoin (BTC) ATMs went offline, ending the 10-month trajectory of month-on-month increases in net installation. The reduction was further catalyzed in July. Within five days, as of July 5, 227 crypto ATMs were removed from the global network.Chart shows the net change of cryptocurrency machines number installed and removed monthly. Source:Coin ATM Radar

While countries like Australia and Spain continue to expand their Bitcoin ATM footprint, the United States and Europe are key contributors to its global reduction. The U.S., which hosts roughly 82.6% of total Bitcoin and crypto ATMs in the world, shed 182 ATMs in June and 239 ATMs in the first week of July alone.Net change of cryptocurrency machines installed and removed monthly in the United States. Source: Coin ATM Radar

Europe lost 29 ATMs in July, bringing down its total to 1,589 crypto ATM machines. On the other hand, Australia added 77 new Bitcoin ATMs into global circulation.

The ongoing decline in crypto ATMs could be attributed to a global crackdown by authorities to curb financial crimes. Authorities, including the United States Secret Service’s Cyber Fraud and Money Laundering Task Force, have previously investigated Bitcoin ATM operators and their involvement in crypto scams.

Check out Cointelegraph’s beginner’s guide to learn more about Bitcoin ATMs and teller machines.

Related:US State Dept offers $5M reward for OneCoin ’Cryptoqueen’

Bitcoin Depot, the biggest ATM operator in the United States, revealed no correlation between cryptocurrency prices and their revenue.

The company’s revenues in 2023 and 2022, $689 million and $647 million, respectively, have not been correlated to the price of Bitcoin, even in light of volatile Bitcoin prices.

For example, when Bitcoin surged 155% in 2023, Bitcoin Depot’s year-over-year revenue growth amounted to just 6%, the company stated. According to the ATM operator, the lack of correlation between Bitcoin Depot’s revenues and the BTC price comes partly from the nature of the services provided.

“Based on our own user surveys, a majority of our users use our products and services for non-speculative purposes, including money transfers, international remittances, and online purchases, among others,” Bitcoin Depot wrote.

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