Bitcoin (BTC) ATM installations worldwide have seen a steep decline throughout 2022, with just 202 new BTC ATMs being registered in May, a range last seen three years ago in 2019. .
During the last five months since January, Bitcoin ATM installations saw a gradual slowdown, eventually falling 89.75% from 1,971 new installations in December 2021. However, data from Coin ATM Radar reveals a clear comeback in installation figures, as the world saw 817 Bitcoin ATMs installed in June, in just the first five days.
Some of the key factors contributing to the slowdown in crypto ATM installations include geopolitical tensions around the world, unclear or anti-crypto regulations, market saturation, and business impact due to the ongoing coronavirus pandemic.
Data from Coin ATM Radar confirms that the United States is home to 87.9% of the total 37,826 cryptocurrency ATMs worldwide. Europe as a continent is home to a network of 1,419 ATMs, representing 3.8% of global ATM installations.
Crypto ATM manufacturer Genesis Coin maintains its position as the leader in terms of market share, accounting for 41% of total operating crypto ATMs worldwide. Other vendors with notable market share include General Bytes (21.6%), BitAccess (16%), Coinsource (5.4%), and Bitstop (4.7%).
While real-world challenges may have a momentary impact on Bitcoin’s physical expansion through ATMs, at its core, the Bitcoin network continues to surpass its previous records in protecting, decentralizing, and accelerating the impenetrable peer-to-peer network. peer-to-peer (P2P).
As Cointelegraph reported based on data from Bitcoin Visuals, Bitcoin Lightning Network (LN) capacity reached an all-time high of 3,915,776 BTC, further improving BTC transaction speeds and reducing fees over the layer 2 protocol. Bitcoin LN was first implemented on the Bitcoin mainnet in 2018 to address Bitcoin’s infamous scalability issues.
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