Home Bitcoin News Bitcoin Depot’s Surprising Success Amidst Global Decline in Crypto ATM Numbers

Bitcoin Depot’s Surprising Success Amidst Global Decline in Crypto ATM Numbers

The world of cryptocurrency ATMs has witnessed a surprising turn of events, marked by a decline in global Bitcoin ATM numbers. This unexpected shift, reported by Coin ATM Radar, showcases a departure from the consistent growth pattern seen over the past decade in the crypto ATM industry.

As of January 1, 2024, there were 33,628 cryptocurrency ATMs globally, indicating an 11.1% decline from the 37,827 ATMs recorded on January 1, 2023. This downturn, breaking the long-standing trend of annual growth, has sparked intrigue and speculation within the crypto community.

The most notable drop was observed in the United States, where the number of crypto ATMs decreased by 15.4%, from 32,672 to 27,631. However, despite this reduction, the United States remains the hub, housing a staggering 82% of all cryptocurrency ATMs worldwide. Interestingly, other countries like Australia, Canada, Spain, and Poland experienced steady growth in their crypto ATM installations during the same period.

Several factors have contributed to this industry shift. Notably, the decline in Bitcoin ATMs seems correlated with the performance of different manufacturers. BitAccess, for instance, faced a decrease of 26% in net installations, dropping from 9,160 in August 2022 to 6,774 by January 1, 2024. Conversely, manufacturers General Bytes and Genesis Coin have seen a continuous rise in Bitcoin ATM numbers throughout the year.

Amidst these fluctuations, Bitcoin Depot, a significant player in the crypto ATM domain, has emerged as a shining star. The company achieved a milestone by going public on the Nasdaq on July 3, 2023, and extended its operations to cover its 28th state within the United States. Impressively, Bitcoin Depot reported a revenue of $179.5 million in the third quarter of 2023, marking a notable 3% year-on-year increase.

Coin ATM Radar’s data reveals a presence of 498 crypto ATM operators across 71 countries. Bitcoin remains the dominant cryptocurrency supported by these ATMs, although alternatives like Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC) are also available for purchase, reflecting a diverse market.

Bitcoin Depot’s success amidst the industry’s overall decline indicates the company’s strategic prowess and adaptability. With a wider array of cryptocurrencies available for purchase, their expansion and revenue growth signify a significant milestone in the evolving landscape of crypto ATMs.

The Coin ATM Radar, a reputable source tracking cryptocurrency ATMs worldwide, reported an 11.1% decline in Bitcoin ATM installations between January 1, 2023, and January 1, 2024. This downward spiral contrasts starkly with the industry’s long-standing trend of consistent annual growth. A significant drop in the United States, witnessing a 15.4% decrease, contributed significantly to this decline. Despite this downturn, the U.S. still hosts a remarkable 82% of all global cryptocurrency ATMs.

Interestingly, while some regions experienced setbacks, others saw steady growth in their crypto ATM installations. Countries like Australia, Canada, Spain, and Poland notably expanded their crypto ATM networks during this period. The data also pointed towards specific manufacturers like BitAccess, which faced a considerable reduction in net installations, dropping by 26% between August 2022 and January 2024. Conversely, manufacturers like General Bytes and Genesis Coin continued their upward trajectory in Bitcoin ATM numbers.

Amidst this industry shake-up, Bitcoin Depot emerged as a significant frontrunner. The company’s noteworthy achievements included its public listing on the Nasdaq in July 2023 and an expanded operation to include its 28th state within the United States. Impressively, Bitcoin Depot reported a revenue of $179.5 million in the third quarter of 2023, marking a 3% year-on-year increase, showcasing resilience amidst the shifting tides.

The global landscape of crypto ATMs encompasses 498 operators across 71 countries. Bitcoin remains the dominant cryptocurrency available through these ATMs, with other notable options like Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC) also available for purchase.

This decline in Bitcoin ATM installations could potentially hint at a larger shift in the cryptocurrency landscape. As industry dynamics evolve, key players like Bitcoin Depot continue to innovate and thrive, reshaping the future of cryptocurrency accessibility and adoption.



The implications of this shift in the crypto ATM industry are far-reaching. It raises questions about market dynamics, consumer behavior, and the evolving role of various players within this sphere. Despite the overall decline, the adaptability shown by Bitcoin Depot hints at opportunities for innovation and growth in the crypto ATM market.

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James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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