Crypto ATM Witnesses Spike Despite Poor Start to the Year

Bitcoin ATM

Despite a global decline in Bitcoin and cryptocurrency ATMs during the course of 2023, May saw a sharp spike, with approximately 1,400 net installations.

The first four months of 2023 saw a steady decrease in the number of cryptocurrency ATMs. The decline was mostly attributable to larger economies like the United States at that period, while crypto ATM installations surged in Australia, Poland, and Spain.

Sudden Spike Last Month

The number of cryptocurrency ATMs throughout the globe fell by 5,850 in the first four months of 2023. However, according to Coin ATM Radar, 1,397 machines were added back into the worldwide crypto ATM network in May.

While Bitcoin ATMs don’t help expand the Bitcoin network, they do provide a convenient option for users to convert fiat money into Bitcoin and other cryptocurrencies. With the addition of 233 ATMs in 2023 alone. Australia jumped to the position of third-largest crypto ATM hotspot globally.

The United States continues to dominate the global market for cryptocurrency ATMs. Accounting for 84.7% of all machines last year and being followed by Canada at 7.6%.

As of this writing, 35,069 ATMs may still be found in use all around the globe. On the other hand, a hacker had gained access to the passwords, private keys, and funds belonging to Bitcoin ATM maker General Bytes.

According to prior reports, the hacker stole at least 56 BTC and 21.82 Ether. The firm recommended that its operators and customers switch to a self-hosted server setup. That can be protected by a virtual private network in order to prevent a repeat of this incident.

Naseem Sheikh