In brief
- Bitcoin ATM’s have pumped by 70% in the last year to over 7,500 around the world.
- The US dominates the industry with over 70% of the global market share of Bitcoin ATMs.
- ATM operators and manufacturers remain highly concentrated.
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In a sign of the continued growth of the crypto industry, there are now more than 7,500 Bitcoin ATMs throughout the world.
Figures from Coin ATM Radar, a website that tracks the crypto ATM industry, suggests an increase in new machines of around 70% since April. In 2020 alone, there have been roughly 1,200 new Bitcoin ATMs installed around the world. For perspective, it took approximately four years, from 2014 to 2018, for the industry to see 2,000 Bitcoin ATMs installed globally.
The United States, with 5,422 ATMs, continues to dominate the industry with over 70% of the global market share in the country. Canada with 721 (9.5%), the U.K. with 279 (3.7%) and Austria with 137 (1.8%) follow the U.S. in the global rankings.
As you’d expect, then, North America stands head and shoulders above other continents in terms of crypto ATM popularity. Europe hosts just 16% of the global market, while South America lags behind with 0.8%. Asia (1.7%) is dwarfed by North America and Europe, but Hong Kong with 56 ATMs (0.7%) accounts for over a third of the market in the region.
This new Bitcoin ATM milestone comes as some of the top 554 ATM operators in the world continue to race past each other in the standings. It's not usual in this competitive market for a new leader to top the rankings from week to week.
In early February, Bitcoin Depot briefly took the title with more than 500 ATMs in operation, but the following week Coinsource said it raced ahead to top 600. (According to Coin ATM Radar, Coinsource has since inexplicably dropped back down to under 300 machines.) As of today, CoinCloud leads the race with 653 ATMs.
The crypto ATM manufacturing industry is even smaller than the pool of operators, with at least 42 known manufacturers. Total installations are led by Genesis Coin (33.8%) and General Bytes (30.7%).
So if you still fear the risk of a coronavirus-induced bank run in your town, or have dreams of “being your own bank,” it might be time to look for the Bitcoin ATM nearest you—if you don’t mind paying hefty fees on purchases and sales, that is.