The global landscape of cryptocurrency ATMs has witnessed a notable resurgence, with the number of installations nearing its historical peak set in December 2022. Over the past year, the total count of cryptocurrency ATMs worldwide has increased by 17.8% to 38,279, edging close to the record of 39,541.
Current Installation Trends
In 2024, there has been a significant shift in the dynamics of cryptocurrency ATM installations. A total of 2,564 new machines were deployed globally, reversing the previous year’s net loss of 2,861 ATMs. This recovery indicates a renewed interest and confidence in cryptocurrency accessibility via physical terminals.
Between July 2023 and May 2024, the number of ATMs increased consistently each month. Although there was a slight dip from May to June with a decrease of 115 units, June saw a robust rebound with a net increase of 377 new ATMs, suggesting a strong mid-year recovery for the market.
Bitcoin Depot, Coinflip, and Athena Bitcoin are the leading operators in the cryptocurrency ATM space, managing 7,543, 5,057, and 2,756 machines respectively. Bitcoin remains the most transacted cryptocurrency at these ATMs, with Bitcoin Cash, Ether, and Litecoin also being commonly used.
Geographical Distribution
The United States dominates the global market with over 82% of all cryptocurrency ATMs installed within its borders. Canada ranks second with 7.7% of the global total. Australia has experienced significant growth, with the number of machines rising nearly 17-fold to 1,107 over the last two years, positioning it to potentially surpass Europe’s tally of 1,584 ATMs soon.
Cryptocurrency ATMs are now present in 72 of the 193 United Nations-recognized countries. Spain, Poland, El Salvador, Germany, and Hong Kong are among the countries with notable numbers of installations. The sector experienced a downturn between December 2022 and July 2023, hitting an 18-month low with 32,764 units in operation, largely due to decreased activity from major manufacturers like BitAccess.
BitAccess, a leading cryptocurrency ATM manufacturer, saw a 26% reduction in its net installations from August 2022 to January 2024. However, it has since managed to increase its installations by 1,208 machines, contributing to the recent recovery in the market.
The revival in cryptocurrency ATM installations highlights the growing accessibility and normalization of cryptocurrency transactions worldwide. This trend is supported by robust infrastructure growth, strategic geographic expansions by leading operators, and a broadening acceptance of digital currencies across various markets. The continued expansion of cryptocurrency ATMs not only enhances public access to digital currencies but also solidifies the infrastructure necessary for the mainstream adoption of cryptocurrencies.
| Country | Number of ATMs | % Growth |
|---|---|---|
| USA | 31,570 | — |
| Canada | 2,949 | — |
| Australia | 1,107 | +1700% |
| Europe | 1,584 | — |
| Spain | 313 | — |
Featured image credit: Rubaitul Azad via Unsplash