For the first time since July 2023, the number of active Bitcoin ATMs worldwide has decreased.
The United States and Canada dominate the Bitcoin ATM landscape, accounting for 91.4% of the global network. The U.S. hosts 31,089 (82.6%) machines, while Canada has 2,909 (7.7%).
In 2024, countries worldwide significantly contributed to the month-on-month increase in Bitcoin ATMs, nearly reaching the 38,000 mark lost in January 2023.
However, the 10-month-long global growth streak ended when over 300 ATMs went offline in May 2024.
As of May 21, the U.S. market saw a loss of 302 Bitcoin ATMs, and Canada lost 28 machines.
Despite these losses, new Bitcoin ATMs in Australia, Switzerland, and Europe helped reduce the net decline to 280 machines at the time of publication.
Law enforcement agencies in the U.S. actively pursue and shut down Bitcoin ATMs frequently used for extortion and scams.
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However, the reasons behind the recent sharp decline in their numbers remain unclear.
Australia hosts the third-largest network of active Bitcoin ATMs after the U.S. and Canada, with 1,041 (2.8%) machines.
Bitcoin Depot, the largest ATM operator in the U.S., recorded steady earnings in 2024.
The firm stated in its 10-K annual report filed on April 15 that there was no correlation between its revenues and the price of Bitcoin historically.
“Based on our own user surveys, a majority of our users use our products and services for non-speculative purposes, including money transfers, international remittances, and online purchases, among others,” Bitcoin Depot wrote.
According to the ATM operator, the lack of correlation between Bitcoin Depot’s revenues and the BTC price is partly due to the nature of the services provided.
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