Bitcoin ATM Market Dynamics April 2017

During April 2017 bitcoin continued to increase in price, and reached ATH ~$1400 by the end of the month.

Bitcoin price April 2017
Blockchain.info Bitcoin price chart

Such price increase definitely led to hype in bitcoin demand. As bitcoin ATMs are one of the easiest ways to purchase bitcoins, usage of bitcoin machines also reportedly increased. To some extent it led to growth of number of bitcoin ATMs installed. The following statistics illustrate changed bitcoin machines number during April 2017:

Period Start: 1113, Period End: 1156
Open: 63, Closed: 20, Net Growth: +43 (+3.9%)

Change by Manufacturers

Name Start End Diff
Genesis Coin 524 555 +31 (5.9%)
General Bytes 188 196 +8 (4.3%)
Lamassu 203 207 +4 (2.0%)
Bitcoin D.A.V.E. 1 2 +1 (100%)
BitAccess 56 55 -1 (-1.8%)

Industry leading bitcoin ATM manufacturer Genesis Coin had the largest number of new installations per month and increased presence by almost 6% (compared to average industry level of 4%). Third largest bitcoin machine producer General Bytes increased it’s presence by 4.3%, and Lamassu, which is at the moment is the second largest manufacturer grew only by 2% with net increase of 4 locations.

Change by Operators

Top operators, who increased number of machines:

Name Start End Diff
Coinsource 101 106 +5 (5%)
Athena Bitcoin 33 38 +5 (15.2%)
Cottonwood Vending 43 47 +4 (9.3%)
Bitcoin of America 16 19 +3 (18.8%)
LocalCoinAtm 1 4 +3 (300%)
Bitcoin Depot 53 55 +2 (3.8%)
RockItCoin 29 31 +2 (6.9%)
EasyBit 25 27 +2 (8%)
Slon BTM LLC 10 12 +2 (20%)
Honey Badger 4 6 +2 (50%)

Leading the chart is Coinsource, the largest bitcoin operator in the world, who added 5 new machines over month. Another dynamically growing bitcoin machine operator – Athena Bitcoin – also got the same number of new machines installed. The NY leading operator Cottonwood Vending (CoinBTM) increased number of location by 4 new machines. There is a relatively young operator in the list – LocalCoinAtm – who increased number of location from 1 to 4. The company is operating in Toronto, Canada.

Operators, who decreased number of machines:

Name Start End Diff
CoinNeko, LLC 2 1 -1 (-50%)
National Bitcoin ATM 19 17 -2 (-10.5%)
AMAANO BTC 2 0 -2 (-100%)

AMAANO BTC has closed its bitcoin machines activities and reduced machines to 0. National Bitcoin ATM company who has most locations concentrated in LA and Phoenix areas has reduced its presence by 2 machines.

Change by Countries

Name Start End Diff
United States 667 696 +29 (4.3%)
Canada 145 154 +9 (6.2%)
Austria 23 25 +2 (8.7%)
United Kingdom 60 61 +1 (1.7%)
Switzerland 17 18 +1 (5.9%)

United States of America is leading the chart with 29 new location (growth rate 4.3% is about the market average). The next countries which had large relative increase are Canada (6.2%) and Austria (8.7%).

Altcoins Support

Name Start End Diff
Bitcoin 1113 1156 +43 (3.9%)
Any altcoin 23 23 +0 (0%)
Litecoin 14 14 +0 (0%)
Ether 12 12 +0 (0%)
Dash 4 4 +0 (0%)
Dogecoin 4 4 +0 (0%)

During April 2017 no machines have added altcoins support. Total number of machines supporting any alternative cryptocurrency than Bitcoin is 23 (2% of all machines).

Concetration Change

By Operators

Country HHI (Change) CR3 (Change) CR5 (Change)
United States 5.1% (+0.1%) 29.9% (+0.3%) 39.8% (+0.7%)
Canada 10.1% (-0.8%) 50% (-2.4%) 61% (-2.4%)
United Kingdom 18% (-0.2%) 59% (+0.7%) 77% (+0.4%)
Spain 57.8% (0%) 90.6% (0%) 96.9% (0%)
Austria 49.1% (-2.9%) 96% (-4.0%) 100% (0%)

This table shows that concentration of machines per operator in the U.S. slightly increased, but stays on relatively lower level compared to other countries (e.g. share of top 3 operators is 30% and of top 5 operators is 40%). In Canada there was a reduction in concentration, mainly due to enter of new operators like LocalCoinAtm. Austria has also reduced concentration (although still at very high level, e.g. CR3 = 96%).

By Manufacturers

Country HHI (Change) CR3 (Change) CR5 (Change)
United States 55.2% (+1.4%) 90.7% (+0.6%) 95.8% (0%)
Canada 28.2% (-1.4%) 77.9% (-1.4%) 94.8% (+0.3%)
United Kingdom 43.4% (+0.5%) 96.7% (+0.1%) 100% (0%)
Spain 49.8% (0%) 87.5% (0%) 100% (0%)
Austria 85.3% (-6.4%) 100% (0%) 100% (0%)

Concentration by manufacturers is at very high levels as there are only several leading companies. CR5 index in all five countries is at 95-100% level.

Summary

Bitcoin ATM market is dynamically developing with new machines installed by existing players and new entrants into the market. Price growth and public interest increases demand for bitcoin machines services, hence, motivating further increase in installations.

3 thoughts on “Bitcoin ATM Market Dynamics April 2017

  1. Very interesting article, thanks CoinATMRadar.
    I am looking for some business opportunities in installing BTC ATM in Sydney, Australia.
    Can you please send me some statistics regarding ATMs been installed in Australia and other relevant information.

    I understand each country has different policies and legal systems in place.

    Thanks,
    Cam

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