Fewer than 100 Bitcoin ATMs added globally in H2 2022: Data

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While bitcoin (BTC) ATMs were an afterthought in Satoshi Nakamoto’s vision of sound money, they are now seen as one of the main pillars for the widespread adoption of bitcoins. However, the global Bitcoin ATM network, which was adding thousands of machines every month in 2021, saw a net addition of just 94 Bitcoin ATMs in the past six months since July 2022.

A one-year bear market in 2022 accompanied by geopolitical tensions and global inflation has hampered various initiatives contributing to the growth of the entire crypto ecosystem. As a result, efforts to install new Bitcoin ATMs have plummeted in many countries that once spearheaded the initiative.

Graph showing the number of bitcoin machines installed over time. Source: CoinATMRadar

In the past six months, between July and the end of 2022, only 94 Bitcoin ATMs were added to the global network. In contrast, a modest 4,169 ATMs were added in the first six months of the year, data from CoinATMRadar confirms.

Despite the global slowdown, countries like Spain and Australia have taken the lead in crypto ATM installations. The United States and Canada retain the top two positions for hosting the largest number of ATMs. El Salvador, the country that once held the third position, has now moved to the fifth position after Spain and Australia, respectively.

Number of cryptocurrency machines installed over time by each major manufacturer over time. Source: CoinATMRadar

During this period, Bitcoin ATM maker BitAccess saw a relative decline in its ATM installation while others reported a relatively steady increase.

As crypto investors shrug off negative sentiment from the past year and dive back into the game, sub-ecosystems like Bitcoin ATMs remain well positioned for a recovery.

Related: Florida’s Best Prepared US State for Widespread Crypto Adoption: Research

Australia, just after overtaking El Salvador to become the fourth largest crypto ATM hub, got its first Bitcoin ATM with built-in Lightning Network (LN) capabilities.

By using LN, Bitcoin ATMs can process transactions immediately without the operator pooling the funds. As Cointelegraph previously reported, this development has the potential to reduce transaction fees compared to an on-chain payment.

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