Over 300 Bitcoin ATMs Went Offline in 40 Days
05 Jul, 2024 ● Coin news
Coinciding with the drop in Bitcoin prices, the global network of active Bitcoin ATMs decreased by 334 machines in under 40 days.
In June, 107 Bitcoin ATMs went offline, ending a 10-month streak of month-on-month increases in net installations.
This decline accelerated in July, with 227 crypto ATMs being removed from the global network within the first five days of the month.
While countries like Australia and Spain continue to expand their Bitcoin ATM presence, the United States and Europe are significant contributors to the global reduction.
The U.S., which hosts approximately 82.6% of all Bitcoin and crypto ATMs worldwide, saw a reduction of 182 ATMs in June and 239 ATMs in the first week of July alone.
Europe lost 29 ATMs in July, reducing its total to 1,589 crypto ATMs.
Conversely, Australia added 77 new Bitcoin ATMs to the global count.
The ongoing decline in crypto ATMs could be due to a global crackdown by authorities aiming to curb financial crimes.
Organizations like the United States Secret Service’s Cyber Fraud and Money Laundering Task Force have previously investigated Bitcoin ATM operators for their involvement in crypto scams.
Bitcoin Depot, the largest ATM operator in the United States, reported no correlation between cryptocurrency prices and their revenue.
The company’s revenues in 2023 and 2022, $689 million and $647 million respectively, showed no correlation with the price of Bitcoin, even during periods of significant volatility.
For instance, when Bitcoin surged 155% in 2023, Bitcoin Depot’s year-over-year revenue growth was only 6%, the company stated.
According to the ATM operator, the lack of correlation between Bitcoin Depot’s revenues and Bitcoin prices is partly due to the nature of their services.
“Based on our own user surveys, a majority of our users use our products and services for non-speculative purposes, including money transfers, international remittances, and online purchases, among others,” Bitcoin Depot wrote.
Sources:
https://cointelegraph.com/news/bitcoin-atm-decline-falling-prices
