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The number of Bitcoin ATMs worldwide has shrunk by 11.1% from the beginning of 2023, according to data from Coin ATM Radar. As of January 1, 2023, there were 37,827 Bitcoin ATMs in the world, but that number has fallen to 33,628 as of the start of 2024. This marks a reversal of a 10-year trend of growth.
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Despite the increasing production of Bitcoin ATMs by major manufacturers such as General Bytes and Genesis Coin, the total number in the sector has declined.
Bitcoin Depot has experienced notable growth, going public on Nasdaq on July 3 and expanding to its 28th U.S. state. The company also reported a 3% revenue increase in the third quarter of 2023 compared to the same period of the previous year.
According to Coin ATM Radar, there are a total of 498 crypto ATM operators operating in 71 countries. Bitcoin is still the most supported currency by crypto ATMs, but other cryptocurrencies such as Bitcoin Cash, Ether, and Litecoin can also be purchased from ATMs.
This shrinkage could lead to players in the sector rethinking their strategies, but the existence of companies that are growing shows that the sector still has potential.