The global Bitcoin ATM network has decreased by 334 machines in less than 40 days, with the biggest reductions occurring in the US and Europe.
As Bitcoin prices declined, the global network of active Bitcoin ATMs also decreased by 334 machines in less than 40 days.
Bitcoin ATM Network Declines as Major Markets Cut Back
In June, the number of Bitcoin ATMs globally dropped by 107, breaking a 10-month streak of increasing installations. This decline accelerated in July, with 227 crypto ATMs removed within just five days by July 5.
While countries like Australia and Spain are still expanding their Bitcoin ATM networks, the U.S. and Europe have seen significant reductions. The U.S., which hosts around 82.6% of the world’s Bitcoin and crypto ATMs, lost 182 machines in June and 239 machines in the first week of July. Europe, meanwhile, saw a reduction of 29 ATMs in July, leaving it with a total of 1,589 machines. In contrast, Australia added 77 new Bitcoin ATMs.
The overall decline in crypto ATMs may be linked to a global crackdown on financial crimes. Authorities, including the U.S. Secret Service’s Cyber Fraud and Money Laundering Task Force, have investigated Bitcoin ATM operators for their role in crypto scams.
Bitcoin Depot Reports No Link Between Cryptocurrency Prices and Revenue
Bitcoin Depot, the largest Bitcoin ATM operator in the United States, has reported that its revenues are not correlated with cryptocurrency prices. Despite Bitcoin’s price fluctuations, the company’s revenue for 2023 and 2022 remained steady, at $689 million and $647 million, respectively.
Even during Bitcoin’s 155% surge in 2023, Bitcoin Depot only saw a modest 6% increase in revenue compared to the previous year. The company attributes this lack of correlation to the nature of its services. According to Bitcoin Depot, most users utilize their services for practical purposes such as money transfers, international remittances, and online purchases, rather than speculative trading.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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