According to recent reports, over 3600 BTC ATMs went offline to record the largest monthly decline. Contradicting the growing global BTC adoption rate, physical ATMs dedicated to fiat-crypto conversions are declining. After removing over 3600 BTC ATMs from the network, the total ATM number has reached 33,727.
Decline in the total number of BTC ATMs
In the decade since the first BTC ATM was launched on Oct 29, 2013, the net change of crypto machines installed and removed remained positive most times. It implies that the total crypto ATM worldwide were steadily increasing. However, the trend is reversing, according to data from Coin ATM Radar which is a negative sign.
As we can see above, the net crypto ATM installations declined for four months between Sept 2022 and March 2023. However, with the latest closure of 3,627 crypto ATMs, March 2023 has become the month with the largest monthly decline. It is not good for the crypto industry.
This chart shows the number of BTC machines installed over the years, revealing the sudden drop in the total number of crypto ATMs. The significance of this reduction seems enormous, considering that the highest number of bitcoin ATMs installed in a month was over 2000, back in Jan 2021.
However, positive news came out, which stated that April broke the three-month-long downtrend by recording more than 30 BTC machines installed on April 1, 2023. Current market leaders in this industry are General Bytes and Genesis Coin.
BTC Machine market leader General Bytes experienced a security incident
As you know, over 3600 BTC ATMs went offline to record the largest monthly decline. This is not good for the crypto industry as well as for the companies like General Bytes. Besides that, General Bytes also experienced a security incident on 17-18th March, where they lost a massive amount of customer funds after the hacker accessed their customer’s hot wallet. However, they have promised their customer to reimburse the losses.
On March 18, General Bytes also released a statement stating that they have taken immediate steps to prevent further unauthorised access to your systems and are working tirelessly to protect our customers.
What are your thoughts on the decline in the total number of crypto ATMs? How do you think it will impact the crypto industry? Let us know in the comments below. And if you found our content informative, share it with your family and friends.
Also Read: Crypto exchange Kraken sponsors F1 car featuring Bitcoin whitepaper.
