The number of active Bitcoin ATMs worldwide has decreased for the first time since July 2023, driven primarily by shutdowns in the United States. Countries worldwide had significantly contributed to a month-on-month increase in Bitcoin ATMs throughout 2024, collectively nearing the 38,000 mark that was lost in January 2023. However, this 10-month growth streak was interrupted when over 300 ATMs went offline in May 2024.

As of May 21, the U.S. market saw a reduction of 302 Bitcoin ATMs, while Canada experienced a loss of 28 machines. This decline has had a notable impact given that the United States and Canada represent 91.4% of the total Bitcoin ATM network, hosting 31,089 (82.6%) and 2,909 (7.7%) machines, respectively.

Despite the declines in North America, new Bitcoin ATMs in countries such as Australia, Switzerland, and various European nations helped mitigate the global net decline. At the time of publication, the net decrease in crypto ATMs was 280.

Law enforcement agencies in the U.S. have been actively pursuing and shutting down Bitcoin ATMs, citing their frequent use in extortion and scams. Nevertheless, the exact reasons behind the sharp reduction in their numbers this month remain unclear.

Australia now hosts the third-largest network of active Bitcoin ATMs, with 1,041 (2.8%) machines, following the U.S. and Canada.

Bitcoin Depot, the largest ATM operator in the U.S., has reported steady earnings in 2024. According to their 10-K annual report filed on April 15, there has been no significant correlation between the firm's revenues and the price of Bitcoin. This is attributed to the nature of the services they provide, which include money transfers, international remittances, and online purchases. According to user surveys conducted by Bitcoin Depot, the majority of their customers use their services for these non-speculative purposes.

The global Bitcoin ATM landscape is evolving, with shifts in regional dynamics and regulatory scrutiny influencing the distribution and availability of these machines. As the market adjusts, the role of Bitcoin ATMs in facilitating cryptocurrency transactions remains crucial for many users worldwide.