For the first time in 10 months, the global count of active Bitcoin ATMs has declined since July 2023. The United States and Canada jointly represent 91.4% of the total Bitcoin ATM network, with 31,089 (82.6%) machines in the U.S. and 2,909 (7.7%) in Canada.
Throughout 2024, countries worldwide significantly contributed to the month-on-month increase in Bitcoin ATMs, nearly reaching the 38,000 mark lost in January 2023. However, the 10-month global growth streak ended with over 300 ATMs going offline in May 2024. The U.S. market saw a loss of 302 Bitcoin ATMs during the month, while Canada lost 28 machines.
Despite this decline, the addition of new Bitcoin ATMs in Australia, Switzerland, and Europe reduced the net decline to 280 as of the current date.
Law enforcement agencies in the U.S. actively pursue and shut down Bitcoin ATMs, often linked to extortion and scams. However, the exact reasons behind the recent sharp decline remain unclear.
Australia hosts the third-largest network of active Bitcoin ATMs after the U.S. and Canada, with 1,041 (2.8%) machines.
Bitcoin Depot, an ATM operator, stated that a majority of their users engage in non-speculative activities like money transfers, international remittances, and online purchases. They noted that their revenues are not closely correlated with Bitcoin’s price due to the nature of the services they provide.
May 2024, Cryptoniteuae
