Global encrypted ATM network to decrease by more than 5,700 in 2023
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In 2023, the number of cryptocurrency ATMs decreased significantly, with more than 5,700 units discontinued.
This reduction marks a historic first since the machines were first deployed in October 2013.According to the latest data Coin ATM RadarAs of now, the number of global cryptocurrency ATMs has decreased from a peak of 39,350 in December 2022 to approximately 33,620, a 14.5% decrease from the previous high.
The data also shows that the deployment and decommissioning of these ATMs fluctuates throughout the year. 1,523 ATMs were dismantled in January 2023, 210 in February and a significant decrease of 3,555 in March. There was a brief recovery in May and June, with nearly 2,500 new installations. However, July had the highest number of ATM dismantlings, with 4,218 units decommissioned.
In terms of market share, 10 operators manage 67% of the global cryptocurrency ATM network. Bitcoin Depot leads the way with 6,000 ATMs, with Coinflip in second place with nearly 4,000, followed by Bitstop and Rockitcoin. This consolidation demonstrates the concentration of these services among a few key players in the crypto ATM industry, as well as potential challenges for new vendors to enter and sustain the market.
It will be interesting to see whether this year also sees a steady increase in the redeployment and installation of cryptocurrency ATMs as the market as a whole periodically emerges from the long crypto winter. However, current trends suggest that general consumer interest in virtual assets at ATMs may be steadily declining.
