Bitcoin ATM Machine Reduces In Various Countries, US Still Number 1 With The Most Number Of Crypto ATMs

The number of Bitcoin ATMs is reduced by 11.1 percent. (Photo; Doc. Cryptodetail)

JAKARTA - Bitcoin ATM machines, which allow people to buy and sell cryptocurrencies with cash or debit cards, have decreased worldwide throughout 2023. This decline occurred even though the price of Bitcoin increased significantly in November 2023.

According to Coin ATM Radar, a site that tracks the number and location of crypto ATM machines, there are 33,628 crypto ATM machines operating in 76 countries on January 1, 2024. This figure is down 11.1% from 37,827 crypto ATM machines on January 1, 2023.

This decline is an unusual trend, because since 2013, the number of crypto ATM machines has always increased every year. In August 2022, the number of crypto ATM machines peaked with 39,376 units, showing a high interest in crypto as an investment asset and a means of payment.

One of the factors that might affect this decline is the high operating costs for running crypto ATM machines. According to a Bloomberg report, the operating costs of crypto ATM machines can reach $25,000 (Rp388.7 million) per year, including rental, electricity, maintenance, and security. In addition, the procurement of crypto ATM machines must also comply with different regulations in each country, such as licensing requirements, identity verification, and transaction reporting.

US Still Number One

Despite the decline, the United States remains the country with the highest number of crypto ATM machines in the world. According to Coin ATM Radar, there were 27,631 crypto ATM machines in the US on January 1, 2024, representing 82% of the total global crypto ATM machines. However, this number is down 15.4% from 32,672 crypto ATM machines in the US on January 1, 2023.

One of the crypto ATM machine manufacturers affected by this decline is BitAccess, a Canadian company that provides software and hardware for crypto ATM machines. Radar ATM Coin data shows that the net installation number of BitAccess in the US fell 26% from 9,160 in August 2022 to 6,774 on January 1, 2024.

On the other hand, several countries experienced an increase in the number of crypto ATM machines in 2023. For example, Canada added 219 crypto ATM machines, bringing the total to 1,801 units. The UK also added 77 crypto ATM machines, bringing the total to 238 units. In addition, several new countries, such as Ghana, Uganda, and Zimbabwe, also started to have crypto ATM machines in 2023.