After experiencing a period of decline, the installation of cryptocurrency ATMs has seen a significant revival in the past four months. Since the launch of the first Bitcoin ATM in Vancouver, Canada, in 2013, there has been an impressive increase in the number of cryptocurrency ATMs worldwide, with the United States leading the way.
The surge in installations can be attributed to the growing popularity of various digital currencies, user-friendly interfaces, and the increasing demand for decentralized financial solutions (DeFi). These ATMs offer users an accessible and convenient way to buy and sell digital assets using cash or credit/debit cards.
To use a cryptocurrency ATM, users first need to set up or scan their existing digital wallets. Then, they follow the on-screen instructions to choose their preferred transaction type (buy or sell), enter the relevant amount, and complete the payment. The ATM will then transfer the corresponding amount of digital currency to their wallet or dispense cash equivalent to the value of the sold digital asset.
Recent data reveals that the global growth rate of cryptocurrency ATMs has partially recovered after a previous decline. Between January and April 2023, a total of 5,726 ATMs stopped operating. However, in May 2023, the growth rate rebounded with 1,692 new installations.
In June, an additional 590 cryptocurrency ATMs were established, and just one month later, another 412 appeared. Currently, there are approximately 36,205 ATMs installed worldwide. Before this year’s dip, the peak was reached in August 2022 with 39,296 machines.
The majority of these ATMs, around 84.7% or 30,653 machines, are located in the United States, with 93.1% or 33,722 machines in North America. Europe accounts for 4% of the total, while Australia and Oceania each have around 1.6%. Leading cryptocurrency ATM operators as of July 2023 include Bitcoin Depot (6,379), Coincloud (4,264), Coinflip (4,012), Bitstop (2,713), Rockitcoin (2,008), Coinhub (1,421), Athena Bitcoin (1,338), Bytefederal (975), Localcoin (901), and Cash2bitcoin (778).