Home Crypto Growth in bitcoin vending machines has been extremely low for months

Growth in bitcoin vending machines has been extremely low for months

Groei in bitcoin automaten al maanden extreem laag

The past month has been a hard one for the cryptocurrency market. This is also noticeable in the number of bitcoin (BTC) machines that were installed last month. This has not been this low since 2019, although the growth of 2.2% in May was already less low than in March and April. In March 2022 this was only 1.7% and in April even 0.9%.

dip in number of BTC installations

We know this thanks to data from Coin ATM Radar† Globally, 1,469 crypto vending machines were installed in May, but 671 were closed. So that was a net growth of 2.2% or 789 ATMs. Last December there were still 1,972. That’s a drop in growth of 89.75%. Nevertheless, the growth in the number of crypto machines is gradually starting to increase again compared to March and April. So there seems to be plenty of demand. The company Genesis Coin produces no less than 41% of the devices. In second place is General Bytes with ‘only’ 21.6% of the market.

US most crypto vending machines

You would think that the countries where exchanges and institutions are less trusted have the most vending machines. Then you probably first think of countries in South America and Asia, where high inflation is not uncommon and where cash is often widely used.

However, it turns out that opposite to be the case. No less than 87.9% of all vending machines are located in the United States. You would think that fully digital trading platforms are well established in the US. 6.3% of the devices are located in Canada. Only 3.8% is in Europe, and a minuscule 0.7% is in Asia. There are a total of 33,245 crypto ATMs in the US and about 37,827 in the world. There are only 1,419 in Europe.

The most purchased crypto is according to data from Coin ATM Radar at the moment bitcoin (BTC). Litecoin (LTC) is in second place and ethereum (ETH) in third place. Have you ever used or used a crypto machine? Tell us in Discord

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