Monthly growth of Bitcoin ATMs Slows Down in July to 1.6%

The decline coincides with the waning of the crypto hype from the end of 2017 and early 2018.

The number of Bitcoin ATMs across worldwide continues rising in July, but the growth has slowed down from the previous month, a blog post of the popular website Coinatmradar.com showed.

In July, were launched 187 new ATMs, while 132 were closed. The net result shows a 1.6% net growth from the previous month (55 new ATMs), which, according to the publication, shows that the growth is slowing significantly from previous months.

For comparison, in June were opened 282 new Bitcoin ATMs, while just 60 were closed (net growth of 7% on the month). Coinatmradar.com explained this slowdown with the end of the Bitcoin hype earlier this year when the orders for those machines were placed. Usually, the ordered ATMs are delivered three months later. Yet, the average ATM installation speed per day stood at 8.86 ATMs/day at the time of publication of this article.

The drop of the cryptocurrency prices also sparked a growth of the market for second-hand ATMs.

“We steadily have several second-hand bitcoin ATMs for sale, which was empty section during several months of high prices,” the blog post reads.

Indeed, around the time of publication of the article two second-hand crypto ATMs were offered for sale on Coinatmradar – one is brand new in Vienna, listed on August 4, but bought in January 2018. The other one is in Las Vegas, “barely used” for several months, listed in mid-July.

Traditionally, the bulk of crypto ATMs were located in the USA (2,026 ATMs as of August 6), followed by Canada (535 locations) and the United Kingdom (168 locations).

However, it is worth noting that one has to submit the location of a new machine to become part of the statistics, which suggests that the real figure may be somewhat different.

As for types of cryptocurrencies, expectedly, Bitcoin dominates with 99.9% of ATMs supporting it (most machines support more than one cryptocurrency), followed by Litecoin (49.6%) and Ether (32.1%). Least popular are Monero, Zcash and Dogecoin.

The sector is still dominated with 63% of the total market by the one-way ATMs where one can only buy a cryptocurrency.

According to recent Cryptovest reports, however, the two-way crypto ATMs, where users can buy and sell cryptocurrencies are also gaining traction. In July, we reported of one such machine installed in Bulgaria and one in Malta.