Bitcoin ATM decline: Over 400 machines went off the grid under 60 days
Crypto ATMs — one of the key infrastructure pillars for the mass adoption of cryptocurrencies — have seen a drastic reduction this year. In the first two months of 2023, the net cryptocurrency ATMs installed globally reduced by 412 machines.
Since 2014, the total number of crypto ATMs maintained a steady upward trajectory while catering to millions of users worldwide for seamless crypto-fiat conversions. For ov a year, between December 2020 to January 2022, more than 1000 crypto and Bitcoin (BTC) ATMs were being installed every month. However, the bear market had an immediate impact on its growth.
Net crypto ATM installations worldwide. Source: Coin ATM RadarSeptember 2022 was the first time in history when total crypto ATMs saw a net decline. However, The year 2023 marked a new low by recording a decline in total crypto ATM installations for two consecutive months.
In January 2023, the global crypto ATM network shed 289 machines, which got further cut down in February by 123 machines — 412 machines in total. While the ongoing decline was initially purely attributed to geopolitical tensions, revenue losses and a prolonged bear market, service providers have been trying out cheaper alternatives for operations.
Recently, crypto ATM provider Bitcoin Depot converted its 7,000 physical machines to BitAccess software. The move helped reduce operational costs related to software licensing fees, which annually cost $3 million.
Do you have an ATM in your area and are not sure how to use it? Check out Cointelegraph’s beginner’s guide to learn everything about Bitcoin ATMs.
Related: UK-native stablecoin integrates into 18,000 ATMs nationwide
On the other end of the spectrum, payments giant MasterCard partnered with Binance to launch a card for crypto payments in Latin America.
Olá, Brasil! #Binance Card has just launched in Brazil - another step towards crypto adoption pic.twitter.com/UJRmpMhpbQ
— Binance (@binance) January 30, 2023In a press release shared with Cointelegraph, Guilherme Nazar, Binance Brazil’s general manager, stated:
“Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow.”Moreover, at the time of launch, the card offered up to 8% cash back in crypto on eligible purchases and zero fees on some ATM withdrawals.