Key Points
- For the first time in 10 months, the number of operational Bitcoin ATMs globally has seen a decrease.
- The US and Canada hold 91.4% of the total Bitcoin ATM network, with the US losing 302 machines in May 2024.
The number of active Bitcoin ATMs globally has seen a decrease for the first time in 10 months since July 2023.
The United States and Canada collectively hold 91.4% of the total Bitcoin (BTC) ATM network. The US is home to 31,089 (82.6%) machines, and Canada hosts 2,909 (7.7%) machines.
Global Increase in Bitcoin ATMs
Countries across the globe have significantly contributed to the month-on-month increase in Bitcoin ATMs throughout 2024, almost reaching the 38,000 mark that was lost in January 2023.
However, the global crypto ATM growth streak broke after more than 300 ATMs went offline in May 2024. The US market lost 302 Bitcoin ATMs during the month, while Canada lost 28 machines.
Despite this, the addition of new Bitcoin ATMs in Australia, Switzerland, and Europe has reduced the net decline in crypto ATMs to 280 as of the current date.
Decrease in Bitcoin ATMs
In the US, law enforcement agencies frequently pursue and shut down Bitcoin ATMs that are commonly used for extortion and scams. The reasons behind the recent sharp decline in their numbers remain unclear.
Australia has the third-largest network of active Bitcoin ATMs after the US and Canada, with 1,041 (2.8%) machines.
Bitcoin Depot, the largest ATM operator in the US, reported steady earnings in 2024. The firm stated in its 10-K annual report filed on April 15 that there was no correlation between its revenues and the price of Bitcoin.
“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 stated.
According to the ATM operator, the lack of correlation between Bitcoin Depot’s revenues and the BTC price is partly due to the nature of the services provided.
