Bitcoin ATMs Decline Globally in 2024 — But One Country Still Dominates

·

The global network of cryptocurrency ATMs experienced a notable contraction in 2023, marking a shift from over a decade of continuous growth. Despite a surge in Bitcoin’s price during late 2023, the number of operational crypto ATMs worldwide dropped significantly, signaling changing dynamics in how people access digital assets.

As of January 1, 2024, there were 33,628 active cryptocurrency ATMs across 76 countries, according to data from Coin ATM Radar, a leading tracker of crypto ATM deployments. This represents an 11.1% decline from the 37,827 machines recorded on January 1, 2023. The drop breaks a long-standing trend—since their introduction in 2013, crypto ATM counts had risen every single year, peaking at 39,376 units in August 2022.

This reversal raises important questions about the sustainability and future of physical cryptocurrency access points in an increasingly digital financial world.

Why Are Crypto ATMs Declining?

Several interrelated factors are contributing to this downturn, with high operating costs standing out as a primary driver. According to a Bloomberg report, maintaining a single crypto ATM can cost up to $25,000 per year, covering expenses such as:

These costs are especially burdensome in urban areas where foot traffic is high but rent is steep. Operators must also navigate complex and often inconsistent regulations across jurisdictions—ranging from KYC (Know Your Customer) requirements to anti-money laundering (AML) reporting obligations.

👉 Discover how modern platforms are making crypto access easier than ever—without the high costs.

Additionally, many early adopters of crypto ATMs were speculative investors seeking quick entry into Bitcoin and other digital currencies. With the rise of mobile wallets, decentralized exchanges (DEXs), and user-friendly centralized platforms, the need for physical kiosks has diminished for tech-savvy users.

The United States Still Leads by a Wide Margin

Despite the global decline, the United States remains the dominant player in the crypto ATM landscape. As of January 2024, the U.S. hosts 27,631 crypto ATMs, accounting for over 82% of all machines worldwide. However, even this figure reflects a 15.4% drop from the 32,672 units recorded a year earlier.

This dominance underscores America’s early embrace of decentralized finance and retail crypto adoption. Major cities like Los Angeles, Miami, and New York continue to host dense clusters of ATMs, often located in convenience stores, gas stations, and shopping centers.

Yet the steep decline suggests that even in the largest market, profitability is becoming harder to sustain. Many operators are consolidating or exiting unprofitable locations.

One company feeling the impact is BitAccess, a Canadian provider of crypto ATM hardware and software. Data shows its installations in the U.S. fell by 26%, from 9,160 units in August 2022 to just 6,774 by early 2024. This reflects broader industry consolidation and reduced investment in physical infrastructure.

Emerging Markets Show Growth Potential

While mature markets contract, some countries saw growth in crypto ATM adoption during 2023—a sign that demand remains strong in regions with limited banking access or unstable local currencies.

Notably:

These developments highlight a key insight: crypto ATMs serve different purposes in different economies. In developed nations, they're often used for convenience or privacy. In emerging markets, they function as vital financial inclusion tools—enabling unbanked populations to enter the global digital economy.

For example, in countries with hyperinflation or capital controls, citizens may use crypto ATMs to convert cash into stablecoins like USDT or DAI, preserving purchasing power without relying on traditional banks.

👉 Learn how blockchain technology is empowering financial access worldwide.

Core Keywords Driving This Trend

Understanding the evolving role of crypto ATMs requires attention to several key concepts:

These terms reflect both the technological and socioeconomic forces shaping the current landscape—from declining hardware deployments to rising interest in alternative financial systems.

Frequently Asked Questions (FAQ)

Why are Bitcoin ATMs decreasing despite rising crypto prices?

Even though Bitcoin’s price rose sharply in late 2023, adoption through physical ATMs is being outpaced by digital alternatives. Mobile apps and online exchanges offer lower fees, better exchange rates, and more coin options—making them more attractive than standalone kiosks.

Are crypto ATMs still useful in 2024?

Yes—but their utility varies by region. In areas with strong internet access and tech literacy, they’re becoming obsolete. However, in regions with limited banking infrastructure or distrust in financial institutions, they remain valuable tools for converting cash into digital assets.

What does it cost to operate a crypto ATM?

Operating costs can reach $25,000 annually per machine, including rent, utilities, maintenance, insurance, and compliance. Transaction fees (often 10–20%) must cover these costs, which limits profitability unless volume is high.

Which countries are adding crypto ATMs?

While the U.S. and Canada lead in total numbers, growth is now concentrated in select markets. Canada added 219 machines in 2023; the UK added 77. Notably, African nations like Ghana, Uganda, and Zimbabwe introduced their first-ever crypto ATMs last year.

Can I still buy crypto with cash?

Yes. Crypto ATMs still allow cash purchases of Bitcoin and other cryptocurrencies. However, due to declining availability and high fees, many users now prefer peer-to-peer platforms or non-custodial wallets linked to payment gateways.

Is the decline of crypto ATMs a sign that crypto is failing?

No. The reduction reflects market maturation—not failure. Physical access points are being replaced by more efficient digital solutions. Just as bank branches declined with the rise of online banking, crypto ATMs may give way to smarter, cheaper technologies.

👉 See how next-generation platforms are redefining crypto accessibility today.

The Future of Physical Crypto Access

The decline of crypto ATMs doesn't signal the end of retail cryptocurrency adoption—it signals a transition. As users become more comfortable with digital wallets and self-custody solutions, the need for physical touchpoints diminishes.

However, for populations without reliable internet or smartphones, these machines still play a crucial role. Their future likely lies not in mass deployment, but in targeted placement—supporting financial inclusion where it's needed most.

Ultimately, while the era of rapid crypto ATM expansion may be over, the underlying demand for easy, cash-based digital asset access remains. The challenge now is meeting that demand through more scalable and sustainable models.

Innovation continues elsewhere—through mobile-first platforms, QR-code-based transactions, and integration with local payment systems. The goal remains the same: making cryptocurrency accessible to everyone, everywhere—without relying on expensive hardware.

As we move further into 2025 and beyond, expect fewer machines—but smarter ones—and far more digital pathways to ownership.