Bitcoin ATMs Are Going Offline: Nearly 400 Machines Were Affected By The Bear Market In Just Two Months

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 Going Offline: Nearly 400 Machines Were Affected By The Bear Market In Just Two Months

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.

You might check: Will 2023 Be A Golden Year For Bitcoin Cash?

Emma Horvath

After graduating Communication and Media Studies MA in Eötvös Loránd University, Emma started to realize that her childhood dream as a creative news reporter committed to find dynamic journalism stories. I'm a passionate journalist with a keen interest in the fast-evolving world of cryptocurrencies. I've been reporting on the latest developments in the crypto industry for several years now, covering breaking news and providing insights on how the market is trending. I'm adept at analyzing daily market movements, researching ICOs, and keeping track of the latest innovations in blockchain technology. My expertise in the space makes her a trusted voice in the crypto community. Whether it's the latest Bitcoin price movements or the launch of a new DeFi platform, I am always at the forefront, bringing her readers the most up-to-date and informative news.

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