In a noteworthy turn of events, the number of active Bitcoin ATMs worldwide has decreased for the first time since July 2023.
The majority of the Bitcoin ATM network is concentrated in the United States and Canada, accounting for 91.4% of the total. The United States hosts 31,089 machines, representing 82.6%, while Canada has 2,909 machines, accounting for 7.7%.
Throughout 2024, countries around the world have contributed significantly to the month-on-month increase in Bitcoin ATMs, almost reaching the 38,000 mark lost in January 2023.
However, the global growth streak of crypto ATMs, which lasted for 10 months, was broken in May 2024 when over 300 ATMs went offline. In the United States, 302 Bitcoin ATMs were lost during the month, while Canada experienced 28 machines going offline. Nevertheless, the installation of new Bitcoin ATMs in Australia, Switzerland, and Europe has mitigated the net decline to 280 at the time of publication.
The reasons behind the recent sharp decline in the number of Bitcoin ATMs remain unclear, although it is known that law enforcement agencies in the United States actively pursue and shut down ATMs that are frequently used for extortion and scams.
Australia boasts the third-largest network of active Bitcoin ATMs worldwide, with 1,041 machines.
Bitcoin Depot, the largest ATM operator in the United States, reported steady earnings in 2024. The firm stated in its 10-K annual report filed on April 15 that there is no correlation between its revenues and the price of Bitcoin historically.
According to Bitcoin Depot, the majority of its users utilize their products and services for non-speculative purposes such as money transfers, international remittances, and online purchases.
It is worth noting that the lack of correlation between Bitcoin Depot’s revenues and the price of BTC can be attributed, in part, to the nature of the services they provide.