The 2,564 cryptocurrency ATMs that have been installed thus far in 2024 are on course to surpass the 2,861 machines that were removed in 2023.
The global number of cryptocurrency ATMs has increased by 17.8% in the past year, reaching 38,279, which is closer to the record of 39,541 set in December 2022.
Coin ATM Radar reports that there has been a positive trend in the installation of 2,564 new cryptocurrency ATMs as of 2024, as opposed to the net loss of 2,861 machines in 2023. This expansion indicates that the market is currently experiencing a recovery.
Installations went down by 115 from May to June, but they went up by 377 in June, which was a big jump. The top three cryptocurrency ATM operators are Bitcoin Depot, Coinflip, and Athena Bitcoin, with 7,543, 5,057, and 2,756 machines, respectively.
In the past two years, there has been a significant increase in the number of installations in Australia, with a nearly 17-fold increase to 1,107 devices.
Australia is in a favorable position to surpass Europe’s 1,584 ATMs at the current installation rate. Spain (313), Poland (279), El Salvador (215), Poland (211), Germany (177), and Hong Kong (169) are among the countries that have installed substantial cryptocurrency ATMs.
Switzerland, Austria, New Zealand, Romania, and Georgia are the other countries with over 100 ATMs. 72 of the 193 countries worldwide that have been recognized by the United Nations have cryptocurrency ATMs.
Between December 2022 and July 2023, the number of installations encountered a substantial net decline, culminating in a low of 32,764—an 18-month low.
According to Radar’s data, BitAccess, a manufacturer of cryptocurrency ATMs, was a contributing factor to the decline, as its net installations decreased by 26% from 9,160 in August 2022 to 6,774 in January 2024. Nevertheless, it has been able to increase its net installations by 1,208 since that time.
Also Read: Peter Schiff has some unfavorable news for investors in Bitcoin ETFs
