Surge in Bitcoin ATM Adoption Reverses Global Downtrend After 4-Month Slump

Surge in Bitcoin ATM Adoption Reverses Global Downtrend After 4-Month Slump

Breaking the year-long worldwide trend of declining Bitcoin (BTC), the total number of crypto ATMs consistently declined in the first four months of 2023. However, in May, there was a significant reversal with the addition of 1,397 machines back to the global crypto ATM network, as confirmed by data from Coin ATM Radar.

The chart below illustrates the decline of net crypto ATMs worldwide by 5,850 in the first four months of 2023:

Increase in Crypto ATM Installations

While Bitcoin ATMs do not directly contribute to the growth of the Bitcoin network, they serve as a physical gateway for people to exchange their fiat currencies for crypto. In 2023 alone, Australia installed a total of 233 ATMs, elevating its position to become the third-largest crypto ATM hub globally. Other countries such as Poland and Spain also witnessed an increase in crypto ATM installations.

Global Distribution of Crypto ATMs

Despite the year-long reduction, the United States still maintains a leading position, representing 84.7% of crypto ATMs worldwide. Canada follows behind at 7.6%.

Hacker Breach Raises Concerns

Recently, a hacker gained unauthorized access to sensitive information of Bitcoin ATM manufacturer General Bytes. The breach included passwords, private keys, and funds. General Bytes has taken immediate steps to prevent further unauthorized access and is working diligently to protect its customers. To avoid similar situations in the future, the company has advised its operators and customers to migrate to a self-hosted server installation secured by a virtual private network.

At present, there are 35,069 operational ATMs worldwide.