There will be a significant decline in cryptocurrency ATMs in 2023, with more than 5,700 devices being discontinued.
This decline is a historic first since these machines were first deployed in October 2013. According to the latest data from Coin ATM Radar, the number of global cryptocurrency ATMs has decreased from a peak of 39,350 in December 2022 to around 33,620. % down from previous high.
The data also shows fluctuating trends in the deployment and retirement of these ATMs throughout the year. In January 2023, 1,523 ATMs were removed, in February 210 were removed, and in March there was a significant decrease of 3,555. A brief revival in May and June resulted in about 2,500 new installations. However, July saw the highest number of ATM removals, with 4,218 machines disposed of.
In terms of market share, 10 operators control 67% of the global cryptocurrency ATM network. Bitcoin Depot leads with 6,000 ATMs, followed by Coinflip with nearly 4,000, followed by Bitstop and Rockitcoin. This consolidation highlights the concentration of these services among a few major players in the cryptocurrency ATM industry and potential difficulties for new providers to enter and remain in the market.
It will be interesting to see whether cryptocurrency ATMs will see steady growth in relocations and installations this year as the overall market periodically emerges from the long cryptocurrency winter. However, current trends suggest that average consumer interest in ATMs for virtual assets may be steadily declining.