Amidst a downturn in Bitcoin prices, the worldwide active Bitcoin ATM network contracted by 334 machines in under 40 days.
During June, 107 Bitcoin ATMs ceased operations, halting a streak of ten consecutive months of net installations. The decline accelerated in July, with 227 crypto ATMs removed from the global network by July 5th alone.
Countries such as Australia and Spain are actively expanding their Bitcoin ATM presence, contrasting with the United States and Europe, where significant reductions are occurring. The U.S., home to approximately 82.6% of global Bitcoin and crypto ATMs, saw a decline of 182 ATMs in June and a further 239 ATMs in the first week of July.
In July, Europe saw a reduction of 29 ATMs, leaving its total crypto ATM count at 1,589 machines. Conversely, Australia contributed 77 new Bitcoin ATMs to the global network.
The decline in crypto ATMs is possibly linked to a worldwide crackdown by authorities aimed at combating financial crimes. Entities like the United States Secret Service’s Cyber Fraud and Money Laundering Task Force have previously scrutinized Bitcoin ATM operators for their potential involvement in crypto-related scams.
For more insights into Bitcoin ATMs and teller machines, explore Cointelegraph’s beginner’s guide.
Bitcoin Depot, the largest ATM operator in the United States, has disclosed that its revenue does not show a direct correlation with cryptocurrency prices.
In both 2023 and 2022, Bitcoin Depot reported revenues of $689 million and $647 million, respectively, unaffected by fluctuations in Bitcoin’s price despite its volatility.
For instance, despite Bitcoin’s 155% surge in 2023, Bitcoin Depot experienced only a 6% year-over-year revenue growth, highlighting the minimal impact of Bitcoin price movements on its financial performance. According to the company, this disconnect is attributed to the diverse range of services it offers.
“Our user surveys indicate that a majority of our customers utilize our products and services for practical purposes such as money transfers, international remittances, and online purchases, rather than speculative trading,” Bitcoin Depot explained.