As Bitcoin’s value experiences a downturn, there has been a notable contraction in the worldwide network of operational Bitcoin ATMs, with a reduction of 334 units in under 40 days.
During June, the network saw the removal of 107 Bitcoin (BTC) ATMs, halting a 10-month streak of consistent monthly growth in installations. This trend accelerated into July, with 227 cryptocurrency ATMs being withdrawn from service globally within the first five days of the month.
The accompanying chart illustrates the monthly net fluctuation in the number of cryptocurrency machines installed and decommissioned. Source: Coin ATM Radar
While nations such as Australia and Spain persist in broadening their Bitcoin ATM networks, the United States and Europe have significantly contributed to the global decrease. The U.S., home to approximately 82.6% of the world’s Bitcoin and crypto ATMs, saw the removal of 182 ATMs in June and an additional 239 in the initial week of July.
The net monthly change in the number of cryptocurrency machines installed and removed in the United States. Source: Coin ATM Radar
Europe witnessed the loss of 29 ATMs in July, reducing its tally to 1,589 cryptocurrency ATMs. Conversely, Australia introduced 77 new Bitcoin ATMs to the international circuit.
The current downtrend in crypto ATM availability may be linked to intensified regulatory actions worldwide aimed at mitigating financial offenses. Entities such as the United States Secret Service’s Cyber Fraud and Money Laundering Task Force have previously scrutinized Bitcoin ATM operators for potential involvement in cryptocurrency-related frauds.
For those new to the concept, Cointelegraph offers a comprehensive beginner’s guide to understanding Bitcoin ATMs and teller machines.
In related news, the U.S. State Department has announced a $5 million bounty for information leading to the capture of the ‘Cryptoqueen’ associated with OneCoin.
Bitcoin Depot, the largest ATM operator in the U.S., disclosed that their earnings are not influenced by fluctuations in cryptocurrency values. Despite the volatile nature of Bitcoin prices, the firm’s revenues for 2023 and 2022 stood at $689 million and $647 million, respectively, showing no direct link to Bitcoin’s market performance. For instance, even when Bitcoin’s value soared by 155% in 2023, Bitcoin Depot’s revenue growth was a modest 6%, as reported by the company. This lack of dependency, according to Bitcoin Depot, is partially due to the nature of their service offerings.
“From our internal user surveys, it’s evident that the majority of our clientele utilize our offerings for practical purposes, such as money transfers, international remittances, and online shopping,” stated Bitcoin Depot.
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