Each month from December 2020 to January 2022, more than 1,000 cryptocurrencies and Bitcoin ATMs were set up. But one of the key infrastructural pillars for the widespread use of cryptocurrencies, crypto ATMs, has experienced a significant decline this year. The number of deployed Bitcoin ATMs decreased by 412 devices in the first two months of 2023.
Millions of customers throughout the world have access to smooth crypto-fiat conversions thanks to the overall growth of crypto ATMs since 2014. Between December 2020 and January 2022, more than 1,000 Bitcoin and cryptocurrency ATMs were deployed per month. Yet, its expansion was immediately impacted by the downturn market.
Bitcoin ATMs are Dissipating
For the first time ever, the overall number of crypto ATMs fell in September 2022. Nevertheless, 2023 set a new low when it had a fall in all crypto ATM installations for two months in a row.
The worldwide network of crypto ATMs lost 289 devices in January 2023 and another 123 machines in February. Service providers have been experimenting with less costly alternatives for operations, although the ongoing drop was previously only linked to geopolitical concerns, revenue losses, and a protracted bad market.
The 7,000 actual ATMs operated by ATM supplier Bitcoin Depot recently switched over to BitAccess software. The action assisted in lowering the $3 million yearly operational cost of software license payments.
The Bear Market is the Cause
Geopolitical unrest and a bear market are only two of the causes of the fall. Operators of Bitcoin ATMs are also seeking more economical options. For instance, BitAccess software was recently installed on Bitcoin Depot’s workstations, which the company claims would reduce software license costs.
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