Corresponding with the decrease in Bitcoin prices, there was a drop of 334 Bitcoin ATMs globally in under 40 days.
During June, a total of 107 Bitcoin (BTC) ATMs went offline, putting an end to the 10-month trend of consecutive monthly increases in net installations. The decline gained momentum in July, with 227 crypto ATMs being removed from the global network by July 5.
While nations such as Australia and Spain are still expanding their presence of Bitcoin ATMs, the United States and Europe are significant contributors to the global downturn. The U.S., home to approximately 82.6% of all Bitcoin and crypto ATMs worldwide, saw a decrease of 182 ATMs in June and a further 239 in the initial week of July.
In July, Europe saw a reduction of 29 ATMs, lowering its total count to 1,589 crypto ATMs. In contrast, Australia saw a growth with the addition of 77 new Bitcoin ATMs into the global market.
The decreasing trend of crypto ATMs is thought to be a result of a worldwide crackdown by authorities to combat financial crimes. Various authorities, including the United States Secret Service’s Cyber Fraud and Money Laundering Task Force, have previously probed Bitcoin ATM operators for their involvement in crypto-related scams.
Bitcoin Depot, the largest ATM operator in the United States, disclosed that there was no direct link between cryptocurrency prices and their revenue. Despite Bitcoin’s fluctuating prices, Bitcoin Depot’s revenues in 2023 and 2022 remained stable at $689 million and $647 million, respectively. For instance, despite a 155% surge in Bitcoin’s price in 2023, Bitcoin Depot’s revenue growth only saw a 6% increase year-over-year. The company attributed this lack of correlation between revenue and BTC price to the diverse range of services it offers.
As per Bitcoin Depot’s user surveys, a majority of users utilize their products and services for non-speculative purposes like money transfers, international remittances, and online purchases, among others.
For more information on Bitcoin ATMs and teller machines, make sure to check out Cointelegraph’s beginner’s guide.
Related: The U.S. State Department is offering a $5 million reward for information on OneCoin’s ‘Cryptoqueen’.