Crypto automated teller machines (ATMs) have gained popularity throughout the world in line with cryptocurrency’s growing adoption rate. A cryptocurrency ATM resembles a traditional ATM and is often used for trading bitcoin or withdrawing money. However, recent data suggest that 2022 so far hasn’t proved to be beneficial for crypto ATMs.
Data suggest that approximately 6,100 crypto and bitcoin ATMs have been installed in the past eleven months of the year, which is almost 1/3rd of the count of the installations registered during the same period the previous year. The declining stats of the ATMs are also in contrast to the prevalent trend the previous year, where new installations happened every day.
Further, the report mentions 2021 to be the year with the maximum ATM installations. In total, about 20,300 new ATMs were installed, and this took the total count of the year to 32,6000.
On the other hand, 2022 has been a year featuring the dominance of bears, and the collapses of big-shot crypto firms have worsened it. The aforementioned reasons have also likely fueled the declining trend among ATMs. There were about 37,800 crypto ATMs globally around mid-June 2022 and over 38,800 ATMs around August. The values then started to decline and reached 38,400 in September but recovered by November, taking the toll to 39,000 a few days back.
Out of the ATMs installed, 82% of the machines support altcoins, whereas about 80% support litecoin, 73% support Ethereum and only 39% support dogecoin.
Among the nations, the United States has been leading the chart covering approximately 90% of all installed ATMs in the year. The US has been progressive about ATMs in the past year as well as installing about 48 machines every day, as reported by Todayq News.
Following the US is Canada at second position out of the list of top 10 countries with the maximum number of crypto-dispensing machines. It has about 2,688 installed ATMs, whereas the rest of the countries have fewer than 300 ATMs installed.
The report also addressed the ownership concerns pertaining to the ATMs. Among the manufacturers, it ranked Bitaccess at the top with about 33% market share and over 12,000 machines as of this month. General Bytes took the second spot with over 23% market share and around 9,000 bitcoin ATMs.