Cryptocurrency automatic teller machines (ATMs) have plummeted in numbers since the start of the year. Fresh reports have found that the number of functioning ATMs has been slashed by 412 units.
The news comes amid an uptake of new crypto ATM machines across the world, with nearly 1,000 new units installed each month globally from December 2020 to January 2022. However, these numbers have declined significantly due to the ongoing bear market.
In September last year, crypto cashpoints nosedived, followed by record lows in January and February. January saw a drop of 289 ATM machines and an additional fall of 123 machines last month.
Other factors such as BitAccess software are competing with crypto ATM machines. This works by reducing operating costs of physical devices and software licencing fees, saving roughly $3 million USD each year.
The news comes after numerous countries began deploying ATMs nationwide, with the United States, Canada, and Spain topping the global list. The three nations have installed 33952, 2649, and 273 machines, respectively.
Despite regulatory crackdowns on cryptocurrency platforms, authorities have also begun cracking down on ATMs operating illegally. In the United Kingdom, police have tackled ATMs operating without licencing across Leeds and Yorkshire. This has also reduced the number of operational ATMs in the country as the nation pushes for central bank digital currencies (CBDCs) and regulatory frameworks.
