Since January, the number of Bitcoin ATM installations has gradually slowed down, eventually falling by 89.75% from 1971 new installations in December 2021.
The number of bitcoin (BTC) ATMs around the world dropped dramatically in 2022, with just 202 new bitcoin ATMs registered in May, the last time this range was seen three years ago in 2019.
Since January, the number of Bitcoin ATM installations has gradually slowed down, eventually falling by 89.75% from 1971 new installations in December 2021. However, Coin ATM Radar data shows an apparent return in installations, with 817 bitcoin ATMs installed worldwide in June for just the first five days.
Monthly net change in the number of cryptocurrency machines installed and removed. Source: Coin ATM Radar
Some of the key factors contributing to the slowdown in cryptocurrency ATM installation are geopolitical tensions around the world, unclear or anti-crypto regulations, market saturation, and the impact on businesses due to the ongoing coronavirus pandemic.
Coin ATM Radar data confirms that the United States hosts 87.9% of the total 37,826 cryptocurrency ATMs worldwide. Europe has a network of 1,419 ATMs, which is 3.8% of the total number of ATMs installed worldwide.
The number of cryptocurrency machines installed by the manufacturer over time. Source: Coin ATM Radar
Crypto ATM maker Genesis Coin maintains its position as the market leader in terms of market share, representing 41% of all active crypto ATMs globally. Other providers with notable market share are General Bytes (21.6%), Bitaccess (16%), Coinsource (5.4%) and Bitstop (4.7%).
Related: Bitcoin Lightning network capacity exceeds 3900 BTC, which means a new ATH
While real issues can have short-term impacts on the physical distribution of bitcoin via ATMs, at its core, the bitcoin network continues to surpass its previous records for security, decentralization, and accelerating peer-to-peer impenetrability.
Cumulative bitcoin capacity across all channels. Source: BitcoinVisuals node.
Bitcoin Lightning Network (LN) throughput hit an all-time high of 3,915,776 BTC, Cointelegraph reported based on data from Bitcoin Visuals, further boosting BTC transaction speeds and lowering Layer 2 protocol fees. Bitcoin LN was first introduced to the mainstream Bitcoin network in 2018 to address Bitcoin’s notorious scalability issues.
