Throughout 2022, the number of bitcoin ATMs (BTCs) installed around the world dropped dramatically, with only 202 new bitcoin-ATMs registered in May, the last time such a number was recorded three years ago in 2019.
Since January, the rate of new devices has gradually slowed, eventually falling 89.75% from 1971 installations in December 2021.
In contrast, June saw a sharp spurt, according to Coin ATM Radar, as 817 bitcoin ATMs were installed in the first five days.
Key factors contributing to the slowdown in cryptocurrency ATM installations include geopolitical tensions around the world, vague or anti-cryptocurrency regulations, market saturation and the negative impact on business of the ongoing coronavirus pandemic.
Coin ATM Radar data confirms that the United States is home to 87.9 percent of the total 37,826 cryptocurrency ATMs worldwide. Europe accounts for 1,419 ATMs, which is 3.8% of the total number of installed exchange machines worldwide.
Cryptocurrency ATM manufacturer Genesis Coin maintains its position as the market share leader, representing 41% of the total number of cryptocurrency ATMs in operation worldwide. Other vendors with notable market share include General Bytes (21.6%), BitAccess (16%), Coinsource (5.4%) and Bitstop (4.7%).
In reality, the problems may have a short-term impact on bitcoin distribution via ATMs, as the network continues to break previous records in security, decentralization and P2P network resiliency.
According to Bitcoin Visuals, bitcoin’s Lightning Network (LN) bandwidth reached a record high of 3,915.776 BTC, further increasing the speed of BTC transactions and reducing the commission in the Level 2 protocol.
The LN solution was first introduced to the bitcoin core network in 2018 to address scalability issues.