Bitcoin ATM installation slowdown continues for 4th month in 2022

April 2022 was the fourth consecutive month in which there was a slowdown to the installation of Bitcoin ATMs (BTC), ever since the slowdown started at the beginning of the year.

BTC ATMs are a vital part of the Bitcoin economy. They allow users to physically withdraw or deposit BTC funds against the cash reserves.

Monthly net change in the number of crypto machines installed and removed. Source: Coin ATM Radar

According to Coin ATM Radar data, 2021 was the most significant year for global growth in BTC ATM installation. August saw its highest level of 2,037 ATMs net difference. The crypto ATM net difference dropped to 1,687 in January 2022 from 1,969 ATMs in December.

Since then, the net change of crypto ATM has been on a downward trend, with three-digit changes recorded in the following months: February (970), March (7577) and April (739).

The explosive growth in crypto ATMs last year was due to jurisdictions such as El Salvador accepting Bitcoin as legal tender. El Salvador currently hosts the third largest network of BTC ATMs, after the United States of America and Canada.

El Salvador has 205 Chivo-branded ATM machines, representing 70% of all South American crypto ATMs.

Over time, there have been many bitcoin machines. Source: Coin ATM Radar

Cointelegraph has previously noted that the apparent decrease in crypto ATM installations could be due to the slowdown of newer jurisdictions accepting and adopting the Bitcoin ecosystem.

Over time, number of cryptocurrency machines installed in the United States by manufacturers. Source: Coin ATM Radar

Genesis Coin continues to be a dominant player in the crypto ATM market with a 41.5% share. General Bytes (21.6%) and BitAccess (15.2%), respectively, are other prominent crypto ATM makers. Coinsource (5.3%) is another.

Related: Bitcoin ATM installed at Mexico’s Senate Building

The 14th BTC ATM was installed by Mexico’s Senate Building on April 26. This is a sign of the growing interest in crypto ecosystems.

Por la libertad, inclusion y educacion financiera en Mexico.#ToTheMoon @senadomexicano pic.twitter.com/QytQn58A3i
— Indira Kempis de I. (@IndiraKempis April 26, 2022

Indira Kempis, a Mexican senator, has announced the opening of a new BTC ATM at the Senate Building.

“For freedom, inclusion, and financial education in Mexico.”

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