Net Bitcoin ATMs record an increase after 4 months of global downtrend

Breaking the year-long worldwide trend of declining Bitcoin (BTC) and crypto ATMs, May recorded a steep increase, with nearly 1,400 net installations.

The total number of crypto ATMs consistently declined in the first four months of 2023. During the timeframe, major economies like the United States contributed to the dwindling numbers, but Australia, Poland and Spain increased crypto ATM installations.

A histogram chart shows the net change of cryptocurrency machine numbers installed and removed monthly. Source: Coin ATM Radar

The chart above shows that, in the first four months of 2023, the net crypto ATMs worldwide declined by 5,850. In May, however, 1,397 machines were added back to the global crypto ATM network, confirming data from Coin ATM Radar.

While Bitcoin ATMs do not contribute to the growth of the Bitcoin network, it serves as a physical gateway for people to exchange their fiat currencies for crypto. In 2023 alone, Australia installed a total of 233 ATMs, climbing up the ranks to become the third-largest crypto ATM hub in the world.

Despite a poor year-long reduction, the United States maintains a leading position — representing 84.7% of crypto ATMs worldwide, followed by Canada at 7.6%.

Related: Australia ranks 3rd in crypto ATM installations after US and Canada

At the time of writing, 35,069 ATMs remain operational worldwide. Recently, a hacker managed to access sensitive information of Bitcoin ATM manufacturer General Bytes, including passwords, private keys and funds.

“We have taken immediate steps to prevent further unauthorized access to our systems and are working tirelessly to protect our customers,” General Bytes said in its statement.

As previously reported by Cointelegraph, the hacker managed to drain at least 56 BTC and 21.82 Ether (ETH). To avoid a similar situation in the future, the company advised its operators and customers to migrate to a self-hosted server installation, which can be secured by a virtual private network.

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Written by Arijit Sarkar on 2023-06-04 23:30:00.

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