Number of Bitcoin ATMs breaks key milestone

The total number of Bitcoin ATMs just passed 7,000 worldwide, and they can now be found in at least 75 countries.

This number has grown almost parabolically since the introduction of the first Bitcoin ATM in 2013. According to data provided by Coin ATM Radar, this number grew by more than 1,000 in 2020 alone—the majority of which were deployed in the US.

Conversely, the UK, Canada, Austria, and Spain have seen the number of crypto ATM installations either stagnate or decline in recent months. Asia is still lagging behind in terms of Bitcoin ATM installations, with just 1.8% of all crypto ATMs found in Asiatic countries, most of which are in Hong Kong.

Nonetheless, practically every developed country now has at least one crypto ATM, including almost every country in Europe and North America.

A highly centralized system

Although there are at least 7,044 crypto ATMs worldwide, these are controlled by a comparatively small pool of just 554 operators, indicating the average crypto ATM business owner manages almost 13 units.

The fees charged by these owners range but they tend to be quite high, with most ATMs charging 7% commission on cryptocurrency purchases and 10% on sales.

There are now at least 42 different Bitcoin ATM manufacturers in operation, many of which deliver machines worldwide, while some operate only in particular jurisdiction. Among these, Genesis Coin and General Bytes are responsible for producing almost two-thirds of all crypto ATMs in existence—which cost between $2,999 and $14,500 a pop. No wonder the fees are so high.