From January 1, 2023, to January 1, 2024, the total number of crypto ATMs plummeted from 37,827 to 33,628, marking an 11.1% decline. In the United States alone, the number of devices dropped by 15.4%, decreasing from 32,672 to 27,631.
Bitcoin ATMs had been experiencing consistent annual growth until mid-2022, but 2023 took an unexpected turn with this sudden decline. The worldwide decrease in deployed crypto ATMs has raised concerns within the crypto community as it deviates from the established trajectory.
Coin ATM Radar data highlights the substantial role played by BitAccess, a prominent Bitcoin ATM manufacturer. The company saw a 26% decrease in the number of deployed crypto ATMs, falling from 9,160 devices in August 2022 to 6,774 by January 2024.
A notable event in this cascade of ATM decline occurred in February 2023 when Coin Cloud, an American crypto ATM operator, filed for bankruptcy. The company, which had previously been expanding rapidly, faced mounting debts of approximately $100 million.
Coin ATM Radar previously reported that September 2022 marked the first month in history when the total number of crypto ATMs began to decline.