According to data from the cryptocurrency automated teller machine (ATM) aggregation website Coin ATM Radar, over 3,600 crypto ATMs went offline in March. Since the end of 2022, the number of crypto ATMs has declined by 13.91% in the last three months.
Crypto ATM Numbers Decline in 2023
In January, 1,587 crypto ATMs went offline, marking the second time a large number of machines had gone offline since the loss of 399 crypto ATMs in September 2022. In February 2023, the decline in crypto ATMs was less drastic than in January and fewer than the drawdown in September.
A total of 275 cryptocurrency ATMs went offline in February. The largest decline was recorded in March, according to Coin ATM Radar statistics, which indicated a drop of 3,627 crypto ATMs.
The loss in March coincided with the recent General Bytes hack that occurred on March 17 and 18, which resulted in the theft of more than $1.5 million in crypto. According to statistics on April 1, 2023, there’s currently 33,728 crypto ATMs installed worldwide.
General Bytes machines account for 28.5% of all machines globally, and devices manufactured by Bitaccess represent 20.2% of the market share. Genesis Coin ATMs represent 17% of the machines worldwide, while Coincloud devices account for 12.7%.
As of Saturday, April 1, 2023, the United States has the highest number of crypto ATMs worldwide, followed by Canada, Australia, and Spain. More than 28,000 crypto ATMs are located in the United States, while Canada hosts over 2,600.
Looking at the data on crypto ATM manufacturing growth, Bitaccess experienced a decline, while General Bytes’ growth is on the rise. Genesis Coin also saw a decline, but it was much less than Bitaccess’s drop between February and March.
What do you think the future holds for the crypto ATM industry? Will we see a rebound in numbers or a continued decline? Share your thoughts in the comments section below.