The number of ATMs supporting Bitcoin continues to increase and is now approaching the 7,000 mark globally.
Crypto Teller Machines Surge in January
The number of cryptocurrency ATMs has been increasing so far in 2020, mirroring the rise in the prices of Bitcoin and other cryptos since the turn of the New Year. In January alone, over 400 cryptocurrency ATMs were installed in various parts of the globe, bringing the total to roughly 7,000.
Overall, the rise in crypto teller machines in January was about 5% and more growth is expected in the second month of the year. 2020 has started brilliantly for digital currencies, with the price of Bitcoin rising from the $7,000 level to cross the $10,000 mark for the first time in months. In addition to that, other leading cryptocurrencies including Ethereum, XRP, Bitcoin Cash, Litecoin, and more, have also recorded massive growth so far this year.
The increase in prices is bringing more interest to the cryptocurrency sector as more people are investing in these assets. This has affected other areas of the industry, and one of them is the number of Bitcoin ATMs made available to the public.
For people just venturing into the cryptocurrency space, Bitcoin ATMs are an accessible way to acquire Bitcoin. According to Google Trends, the number of searches for people looking to purchase Bitcoin via ATMs has doubled since last year. The queries were up in July 2019 when the BTC price rallied to around $13,000. A similar result was recorded in January 2020, at the time when the prices also began to spike.
According to data from Coinatmradar, the number of Bitcoin ATMs installed around the world have been increasing since the start of the year. The Bitcoin ATM Market Dynamics January 2020 report indicates that 432 ATMs were installed last month while 104 were closed. This represents a total growth of 328 or 5.1%. The installation of 432 ATMs and removal of 104 brings the total of operating Bitcoin ATMs around the world to 6,377.
The United States saw the highest number of ATMs in January. Around 325 new devices were installed in the US, signaling a 7.7% increase. Canada came in second, while the United Kingdom took third place. However, some other countries lost some of their ATM devices. In Italy, 7 Bitcoin ATMs were decommissioned, while two were removed in the Netherlands. Australia has the largest number of decommissioned ATMs, which stood at 179.
Bitcoin ATM Manufacturers Increase Production
Most of the Bitcoin ATM manufacturers boosted their production in the first month of the year. Genesis Coin is the leader in this space and produced 146 new ATMs, which equals to a 7% increase in production. The next name on the list is General Bytes, which recorded a 3% increase in production, leading to the launch of 62 new ATMs. Coinsource is another manufacturer that saw its production rise by 11.7% after producing 40 new ATMs.
Several operators also introduced new machines over the past month. Coinflip Bitcoin ATMs leads the way with 36 new devices, while Bitcoin Deposit comes in second with 34 ATMs. Coiners recorded a 50% increase in installation after adding 33 new ATMs to its list.
According to the report by Coinatmradar, the companies that survive the most are those with the highest number of ATMs in operation. In 2019, over 450 firms were operating between 1 to 10 ATMs. However, over 300 of them have closed down due to the various costs and risks involved. During that period, companies with over 100 ATMs have remained stable and are still in business. It is evident that this sector of the cryptocurrency market is growing.