The year 2023 sees a rare dip even as the widespread use of cryptocurrencies is slowly increasing globally Bitcoin ATM Installation. Coin ATM Radar, which tracks the net number of crypto ATMs worldwide, shows that around 5,500 crypto ATMs went offline during the first three months of 2023.
Major crypto ATM installation history drops
per data shown coin atm radarIn the last month of March, over 3600 bitcoin ATMs across the world went offline. This is the largest number of crypto-ATMs removed from the network, leaving 33,727 ATMs active.
Whereas in January and February also, there was a slight decline in the growth of ATM installations. In the first two months of 2023, 1,587 and 275 crypto ATMs went offline, respectively.
Ever since the first bitcoin and cryptocurrency ATM was deployed in Vancouver, Canada in October 2013, the crypto world has seen a slow but steady growth in the number of ATMs installed around the world. Especially in the last two years, from December 2020 to January 2022, the average number of ATMs installed was more than 1500 monthly. As shown in the chart below.
Source: Coin ATM Radar
As highlighted above, crypto atm The installation of machines has never declined except in September 2022 and the last three months, indicating its steady growth over a period of 9 years.
This sudden drop in ATM installation could be purely due to prolonged bear market, revenue loss, tensions between countries and experiments by service providers to find cheaper alternative operations. For example, ATM operator Bitcoin Depot recently modified its machines to BitX software in hopes of reducing software licensing fees.
However, the ongoing month of April has broken the three-month-long decline in this regard. As per the data shown on Coin ATM Radar, 39 new physical ATMs have been installed at different locations. Notably, General Bytes, Genesis Coin and BitAccess are among the top crypto ATM manufacturing providers at the moment.
Bitcoin ATM maker General Bytes to compensate victims of recent hack
Prague-based bitcoin ATM maker, General Bytes, announced last week that it would compensate its customers for their losses. General Bytes suffered a security hack between March 17 and March 18, when a cybercriminal successfully stole its customers’ sensitive information such as funds, passwords and private keys from their hot wallets.
After investigation, the platform identified 21 hot wallets that were linked to the hacker, containing approximately 56 BTC and 22 Ether worth approximately $1.5 million and $3700, respectively.
General Bytes issued a statement promising to take necessary steps to ensure the privacy of its customers and prevent such incidents from happening again in the future.
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