Contradicting the Growing Global Bitcoin, Adoption, physical ATMs dedicated to fiat-to-crypto conversions is declining. In March alone, 3,627 cryptocurrency ATMs were removed from the network, reducing the total number of ATMs to 33,727.
In the ten years since the first Bitcoin ATM launched on October 29, 2013, the monthly net change in crypto machines installed and removed has remained positive for the most part meaning that the global crypto ATM The total has been growing steadily. However, according to data from Coin ATM Radar, the trend is turning. Net installations of crypto ATMs declined for four months from September 2022 to March 2023. However, with 3,627 crypto ATMs malfunctioning in the last month, March 2023 will be the month with the largest monthly drop.
The number of Bitcoin machines installed over time reveals a sudden drop in the total number of crypto ATMs. The significance of this reduction seems significant considering the highest number of ATMs installed in the month of January 2021 was 2,048. On the bright side, April broke a three-month-long downward trend, recording 37 crypto ATM installations on April 1. The current market leaders manufacturing crypto ATMs are General Bytes, BitAccess, and Genesis Coin.
After losing customer funds in a "security incident" in March in which customers' hot wallets were accessed, General Bytes promised to pay for the damages. "We have taken immediate steps to prevent further unauthorized access to our systems and are working tirelessly to protect our customers," General Bytes said in a statement.
