The total number of crypto ATMs has decreased for two consecutive months in 2023.
The last two months saw over 400 machines worldwide go out of commission.
- The global crypto ATM network was first reduced to 289 machines in January 2023, followed by a further 123-machine drop in February.
- Crypto ATMs saw a net decline in number for the first time in September last year.
- Between December 2020 and January 2022, more than 1,000 crypto ATMs were deployed every month, maintaining a steady upward trend since 2014.
- The decline in the number was mainly attributed to revenue losses and the bear market conditions.
- Crypto ATMs, also commonly known as Bitcoin ATMs, allow users to make crypto-fiat conversions.
- Crypto ATM provider Bitcoin Depot recently stated that it converted its 7,000 physical machines to BitAccess software to reduce operational costs.
