2023 saw a significant decline in crypto ATMs, with more than 5,700 units discontinued.
This reduction marks a historic first since the initial deployment of these machines in October 2013. According to the latest data from Coin ATM Radar, the global count of crypto ATMs has decreased from its peak of 39,350 in December 2022 to approximately 33,620, representing a 14.5% decline from the previous high.
Data also shows a fluctuating trend in the deployment and decommissioning of these ATMs throughout the year. January 2023 saw the removal of 1,523 ATMs, followed by 210 in February and a substantial reduction of 3,555 units in March. A brief resurgence occurred in May and June, with nearly 2,500 new installations. However, July marked the highest number of ATM removals, with 4,218 units decommissioned.
Regarding market share, 10 operators manage 67% of the global cryptocurrency ATM network. Bitcoin Depot leads with 6,000 ATMs, and Coinflip comes in second with nearly 4,000, followed by Bitstop and Rockitcoin. This consolidation indicates a significant concentration of these services among a few key players in the crypto ATM industry and the potential challenges for new vendors to enter and sustain the market.
As the overall market is periodically coming out of the long crypto winter, it’ll be intriguing to see whether crypto ATMs also see steady growth in redeployment and installations this year. However, the current trends suggest that general consumer interest in ATMs might steadily decline for virtual assets.
