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The growth rate of installed crypto ATMs has plummeted. More than half of all ATMs are still located in one country.
In the course of the bull run in 2021, the number of crypto machines has skyrocketed. As the data from the second quarter of 2022 shows, the growth rate has now fallen sharply. This shows a similar picture as after the bull run in 2017.
Number of newly installed crypto ATMs down by 30 percent
Between Q1 2022 and Q2 2022, the number of newly installed crypto ATMs worldwide fell by around 32 percent from 2,362 to 1,600 devices. Nevertheless, growth is at a high level. At the beginning of the year there were 34,370 installed Bitcoin or crypto machines. At the end of the second quarter, there were already almost ten percent more at 37,642.
Although the overall crypto market experienced a historically poor quarter, the number of ATMs continues to rise. At least as far as the wave of bankruptcies is concerned, companies behind the crypto-ATMs are still spared.
Many crypto enthusiasts see the proliferation of crypto ATMs as a necessary means for cryptocurrencies to go mainstream . It is true that so many people who otherwise have nothing to do with the crypto market are confronted with the crypto world. However, the fees for trading cryptocurrencies at ATMs are very high. While you usually pay significantly less than one percent in fees at a crypto exchange, these are often in the double-digit percentage range at machines.