As Bitcoin prices fell, the number of Bitcoin ATMs in operation worldwide decreased by 334 over the past 40 days.
In June, 107 Bitcoin ATMs went offline, ending 10 consecutive months of growth in total installations. The decline accelerated further in July, with 227 virtual currency ATMs removed from around the world in the five days ending July 5.
Chart shows the net change in the number of installed and removed cryptocurrency machines monthly. Source: Coin ATM Radar
While countries like Australia and Spain continue to expand Bitcoin ATM installation, the number of ATMs in the US has declined. In the United States, which accounts for approximately 82.6% of the world’s Bitcoin and virtual currency ATMs, 182 ATMs were removed in June and 239 in the first week of July alone.
Net change in cryptocurrency machines installed and removed monthly in the United States. Source: ATM Base Radar
In Europe, 29 ATMs fell in July, bringing the number of virtual currency ATMs to 1,589. Meanwhile, Australia has installed 77 new Bitcoin ATMs.
The decline in crypto ATMs can be attributed to a global crackdown by authorities to prevent financial crimes. Authorities such as the US Secret Service’s Cyber Fraud and Money Laundering Task Force have previously investigated Bitcoin ATM operators and on their involvement in virtual currency fraud.I am investigating.
Bitcoin Depot, the largest ATM operator in the United States, explained that there is no correlation between cryptocurrency prices and profits. The company said its revenues for 2023 and 2022 were $689 million and $647 million, respectively, and are unaffected by fluctuations in Bitcoin prices.
For example, when Bitcoin rose 155% in 2023, Bitcoin Depot’s annual revenue growth rate was only 6%. According to Bitcoin Depot, the lack of correlation between Bitcoin Depot’s revenue and the price of BTC is largely due to the nature of the services provided.
“According to our user research, most users use our products and services for money transfers, international transfers, online purchases, etc., rather than for speculative purposes,” Bitcoin Depot said.
PR Article “Virtual currency exchange Bitget account opening campaign! 10 people will be given ¥10,000 Bitcoin by lottery & ¥3,000 bonus for the first 200 people[Iúil is déanaí]”