According to the data, the number of newly installed Bitcoin ATMs has continued to grow at a stable rate this year. The report claims that about 7,058 cryptocurrency ATMs are in existence as of this writing. The figure includes ATMs hosting digital assets like Bitcoin Cash (BCH), Ether (ETH), Dash (DASH), and Litecoin (LTC).
Bitcoin ATM Market Dynamics’ January report states that there were 6,377 operating devices around the world at the start of the month. Besides, 432 machines were installed during the period and only 104 were shut down, which represents a net growth of 328 and 5.1%.
Other reports also state that most manufacturers experienced a rise in production. Notably, Genesis Coin reported 146 new ATMs (7% increase), General Bytes noted 62 (3%), and Coinsource noted 40 installations (about 11.7%).
Additionally, many operators launched new machines. Coinflip Bitcoin ATMs came up with an additional 36, Bitcoin Depot came close with 34, and ATM Coiners came up with 33, or a 50% increase in its devices. New players are entering the niche with U.S.-based Pro ATM installing its first 12 machines.
CoinATMRadar’s report reveals that some countries enjoyed increased adoption of these machines.
For instance, in the U.S., there was a 7.7% increase in the number of Bitcoin ATMs installed in January 2020. Also, about 325 machines were added in the U.S., which shows a lot of crypto activity in the region. The chart below supports this, showing a consistent increase in the country.
Other nations like Canada, the U.K., and Switzerland have also experienced a consistent increase.
The year 2020 started well for cryptocurrencies, with the price of BTC rising from below US$7,000 (AU$10,550) at the beginning of January to around $9,350 at the end of the month. Bitcoin prices continued to climb to more than $10,000 by mid-February.
Other cryptocurrencies also enjoyed the bull run and amassed market capitalization.
It is no coincidence that an increase in Bitcoin ATMs is coming at the same time as when the increase in BTC prices has brought interest into the crypto space, with more people looking to invest in digital assets.
Bitcoin ATMs are an accessible way to acquire cryptos for newcomers to the crypto industry.
Featured image courtesy of Flickr / Tydence Davis
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