In 2024, the number of Bitcoin ATMs increased month over month, with countries all over the globe contributing significantly. As a whole, they almost reclaimed the 38,000 mark.
The amount of Bitcoin ATMs that are now accepting transactions has dropped for the first time since July 2023.
There are 31,089 (82.6%) Bitcoin ATMs in the US and 2,909 (7.7%) in Canada, making up the two countries’ respective shares of the global network. This amounts to 91.4%.
The number of Bitcoin ATMs increased month over month in 2024, with contributions from countries all over the globe. This helped the network almost recover from the 38,000 mark that it had lost in January 2023.
Nevertheless, in May 2024, more than 300 ATMs fell offline, ending the 10-month-long growing streak of crypto ATMs worldwide. As of May 21st, 302 Bitcoin ATMs have disappeared from the US market, while 28 machines had gone down in Canada.
The net drop in crypto ATMs was 280 at the time of publishing, but new Bitcoin ATMs in Australia, Switzerland, and Europe have lowered it to 280.
In the United States, law enforcement officials are relentless in their pursuit of Bitcoin ATMs, which are often the targets of frauds and extortion attempts. But it’s still not apparent why their numbers have dropped so drastically recently.
There are 1,041 (2.8%) Bitcoin ATMs in Australia, making it the third-largest network in the world, after the United States and Canada.
In 2024, Bitcoin Depot, the largest American ATM operator, maintained consistent profitability. The company claimed in its April 15 10-K annual filing that there was no historical relationship between its revenues and the price of Bitcoin.
“Most of our customers utilize our goods and services for non-speculative objectives, such making online purchases, sending money abroad, or transferring money inside their own country,” Bitcoin Depot said.
Also Read: Ethereum ETF Approval Odds Rise as SEC Requests New Filings
Wallets