Subscribe to our newsletter!
- The installation of crypto ATMs has slowed down in 2022, according to Coin ATM Radar.
- The United States still had the most crypto ATMs, at 33,960, followed by Canada, Spain, Australia, and Poland, accounting for 37,334 out of the total 38,640 crypto ATMs worldwide.
- A net growth of -0.2% in December 2022 due to the closure of 680 crypto ATMs and opening of 592, the report suggests that this decline is proportional to the price of Bitcoin.
The installation of BTC and crypto Automated Teller Machines (ATMs), which allow users to purchase cryptocurrencies or exchange them for fiat, has slowed down for 2022, online magazine Coin ATM Radar revealed in its report.
According to the chart available on its website, the following are the numbers of ATMs installed around the globe each year:
- January 1, 2019: 4,107 ATMs
- January 1, 2020: 6,363 ATMs (+54.93%)
- January 1, 2021: 14,059 ATMs (+120.95%)
- January 1, 2022: 34,368 ATMs (+144.47%)
- January 1, 2023: 38,640 ATMs (+12.43%)
Meanwhile, the top five countries that have the most crypto ATMs are the United States, with 33960 ATMs; Canada, with 2652 ATMs; Spain, with 275 locations; Australia, with 224 ATMs; and Poland, with 223 ATMs. These countries accounted for 37,334 of the 38,640 ATMs available worldwide. The Philippines has 13.
In addition, along with the data on the number of ATMs per country, the report also showed the number of ATMs each country added and subtracted.
“When we take a look at the most active countries list, the first thing we can notice is that the usually dominant United States is in the last place with 188 machines removed,” the report read, emphasizing that there were 188 ATMs that were closed in the U.S. between 2021 (33,739 ATMs) and 2022 (33,551 ATMs).
Meanwhile, December 2022 was the most dramatic month for Bitcoin and crypto ATMs, where the public witnessed a net growth of -0.2%. It was because for the whole month of December, though there were 592 ATMs opened, there were 680 crypto ATMs that were closed or taken down.
According to the authors of the report, the decline in the number of ATMs opened and closed in December 2022 is proportional to the price of $BTC, which experienced a roller coaster during that year:
“2022 ended with a pretty stable Bitcoin price. At the beginning of December, it was at $17,170 and moved between 16-17k until the year ended with a Bitcoin price of $16,599. When we compare the prices, we can see that the end price was 3,3% lower than the price at the beginning of December.”
However, despite the negative net growth in December, the percentage of Bitcoin ATMs supporting any other cryptocurrencies than Bitcoin jumped a bit and is now at 67.6%. This means that around 26,000 BTC ATMs also offer other tokens, which is why BTC ATMs are also called crypto ATMs.
“In December 2022, the Bitcoin price dropped a bit. The number of Bitcoin ATMs decreased for the first time. General Bytes and Genesis Coin are still the most active manufacturers. The most active country was Australia. Dash was the most added coin, while the number of ATMs supporting Bitcoin decreased,” the report concluded.
This article is published on BitPinas: Crypto Winter Halts Growth in Crypto ATM Installations – 2022 Data
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://bitpinas.com/cryptocurrency/bitcoin-crypto-atm-2022/