Installation Of Bitcoin ATMs Around The World This Year Dropped Drastically, Is The Navel Getting Bored?

Bitcopin's ATM installs are in sharp decline worldwide. (photo: twitter @OGpidgeon)

JAKARTA - The installation of Bitcoin (BTC) ATMs worldwide has experienced a sharp decline throughout 2022. In May there were only 202 new BTC ATMs. This number is the same as the installations three years ago, 2019.

Since January, Bitcoin ATM installations have experienced a gradual slowdown, eventually dropping by 89.75% from 1.971 new installs in December 2021. However, data from Coin ATM Radar reveals there has been a marked rise in install numbers, as they saw 817 new Bitcoin ATMs installed in the month. June. This is only in the first five days.

Some of the main factors contributing to the slowdown in crypto ATM installations include geopolitical tensions around the world, unclear or anti-crypto regulations, market saturation, and business impact due to the ongoing coronavirus pandemic.

Coin ATM Radar data confirms that the United States is home to 87.9% of the total 37.826 crypto ATMs worldwide. Europe has a network of 1.419 ATMs, which represents 3.8% of global ATM installations.

Crypto ATM manufacturer Genesis Coin maintains its position as a leader in terms of market share, representing 41% of total crypto ATM operations worldwide. Other manufacturers with prominent market shares include General Bytes (21.6%), Bitaccess (16%), Coinsource (5.4%) and Bitstop (4.7%).

While real-world challenges may have a momentary impact on Bitcoin's physical expansion through ATMs, at its core, the Bitcoin network continues to outperform its previous record of securing, decentralizing, and accelerating impenetrable peer-to-peer networks.

As Cointelegraph reports based on data from Bitcoin Visuals, the capacity of the Bitcoin Lightning Network (LN) hit an all-time high of 3.915.776 BTC — further increasing BTC transaction speed and reducing fees via the layer-2 protocol. Bitcoin LN was first implemented into the main Bitcoin network in 2018 to address Bitcoin's notorious scalability problem.