Bitcoin ATMs See First Decline in a Decade with 11% Drop

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Fredrik Vold

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January 1, 2024

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For the first time in a decade, the number of installed Bitcoin ATMs worldwide fell in 2023.

According to data from Coin ATM Radar, the number of installed Bitcoin ATMs in the world fell 11%, from 37,827 on January 1, 2023, to 33,622 on the same date in 2024.

In the US, which accounts for 82% of all Bitcoin ATMs in the world, the number was also down, falling from 32,672 to 27,621 over the course of 2023.

Judging from Coin ATM Radar’s data, it is the first time ever that the number of installed Bitcoin ATMs in the US declines from one year to the next.

Positive trend outside the US

Although US and global numbers were down for the year, the trend remained positive in several regions.

In the European Union (EU), the number of crypto ATMs at the beginning of 2024 stood at 1,548, exactly 10 more ATMs than the 1,538 machines that were installed at the beginning of 2023.

Additionally, the number of Bitcoin ATMs was also up in Canada, Australia, Spain and Poland, while Switzerland saw a notable decrease in the number of installed machines.

Other regions have also seen increased adoption of Bitcoin with the help of Bitcoin ATMs, with for instance Bitcoin users in Argentina and El Salvador having access to Lightning Network-enabled Bitcoin ATMs.

The all-time high in the worldwide number of Bitcoin ATMs was reached in August of 2022 with 39,376 installed machines, per Coin ATM Radar’s data.

Who is the largest Bitcoin ATM operator and manufacturer?

By far the largest operator of Bitcoin ATMs at the moment is Bitcoin Depot, an Atlanta-based publicly listed company in the US.

According to Coin ATM Radar, Bitcoin Depot operates 6,311 Bitcoin ATMs, well ahead of the 3,880 ATMs that are controlled by CoinFlip, the second-largest operator.

In terms of machine manufacturers, General Bytes leads the race with 10,844 machines, or a 32.3% market share, ahead of Genesis Coin with its 7,683 machines and 22.9% market share.