Bitcoin ATM Market Dynamics August 2017

August showed the ATH price for Bitcoin. By end of month the cryptocurrency reached $4900 mark, which is almost 50% over the price just 1 month ago.

Bitcoin Price August 2017

New bitcoin ATM installations also peaked in August 2017:

Period Start: 1409, Period End: 1515
Open: 133, Closed: 27, Net Growth: +106 (+7.5%)

This is the highest increase of new bitcoin ATM installations known so far and the market growth is accelerating via new machines installed by existing operators as well as many new players entering the market.

There were geo territories with first bitcoin ATM installations, like Gibraltar and Anguilla. At the same time Argentina and Ireland have the last bitcoin machines closed in the country.

Change by Manufacturers

Name Start End Diff
Genesis Coin 679 718 +39 (5.7%)
General Bytes 297 336 +39 (13.1%)
Lamassu 235 249 +14 (6%)
Covault 18 25 +7 (38.9%)
BitAccess 48 50 +2 (4.2%)
BitXatm 37 39 +2 (5.4%)
BTC facil 24 26 +2 (8.3%)
BitTeller 5 7 +2 (40%)
CoinOutlet 8 9 +1 (12.5%)
InstaKiosks 5 6 +1 (20%)
LocalBitcoins 12 11 -1 (-8.3%)
Skyhook 16 14 -2 (-12.5%)

In August of 2017 both Genesis Coin and General Bytes had 39 new installations. For the former it was 5.7% increase and for the latter 13.1%.  The most growth in General Bytes installations were due to BATM2 installations, which is a relatively cheap cryptocurrency machine on the market (price $3000), e.g. comparing to Satoshi1 (cheapest model from Genesis Coin which costs $6800). The above mentioned two companies are increasing gap from the rest of the market, e.g. third largest producer Lamassu increased its presence by 14 machines or 6%.

One more interesting example of hardware producer Covault, who increased locations number by 7 machines or 39%. Those machines are solely operated by Paydepot. This shows another way of developing business as a bitcoin ATM operator, when instead of purchasing bitcoin machines solution from existing manufacturers — one can invest in developing software and producing own hardware units (usually those can be used from existing hardware suppliers). Initial investment is larger, but later on it allows to grow the network easier as costs of getting every additional unit are lower compared to purchasing from established manufacturer.

Change by Operators

Operators who increased number of locations in August 2017 (by at least 3 units):

Name Start End Diff
Instacoin 45 53 +8 (17.8%)
Pay DEPOT LLC 18 25 +7 (38.9%)
Coinsource 121 127 +6 (5%)
Cointed GmbH 33 39 +6 (18.2%)
Kurant 10 16 +6 (60%)
Athena Bitcoin 43 48 +5 (11.6%)
Bitcoin Depot 71 75 +4 (5.6%)
RockItCoin 47 51 +4 (8.5%)
Slon BTM LLC 14 18 +4 (28.6%)
LocalBTM 7 11 +4 (57.1%)
Bitcoin of America 21 24 +3 (14.3%)
Black Frog Blockchain Ventures LLC 15 18 +3 (20%)
CoinFlip Bitcoin ATMs 12 15 +3 (25%)
LocalCoinATM 6 9 +3 (50%)
Landmark Coins 6 9 +3 (50%)
Bitcoinnect 5 8 +3 (60%)

Leading operator with 8 new locations in August was Instacoin, a Canada-based company operating since 2014.

On the second position is PayDEPOT, who mostly operates in NJ state area, and had 7 new locations added to the network.

Coinsource, largest US and world-wide operator, had 6 new machines installed. The same number of new bitcoin ATM locations were added by Austrian companies Kurant and Cointed. Austria as a market have largely increased its positions on bitcoin ATM market. Bitcoin machine installations in the country increased from 26 in the beginning of Summer to 55 at the end of Summer. Not to mention that bitcoins can be bought at plenty of tobacco kiosks with Bitcoinbon coupons.

Athena Bitcoin is steadily increasing its business with 5 new installations. The company went further than US-national market with installation of its first machine in Mexico.

There were four operators who increased their networks by 4 machines: Bitcoin Depot (to 75 in total), RockItCoin (to 51 in total), Slon BTM (18 in total) and LocalBTM (11 in total). While Bitcoin Depot and RockItCoin are nation-wide operators with machines in many cities, Slon BTM and LocalBTM are both local operators, with machines installed only in Detroit and Los Angeles areas consequently.

There were six operators with 3 installations: most of them are based in US — Bitcoin of America, Black Frog, CoinFlip. And from other countries as well: LocalCoinATM from Canada, Landmark Coins from UK and Bitcoinnect from Hong Kong.

Change by Countries

Find full list of countries and number of bitcoin ATM on this chart. In August the changes in installations per country were the following:

Name Start End Diff
United States 838 891 +53 (6.3%)
Canada 192 213 +21 (10.9%)
Austria 45 55 +10 (22.2%)
United Kingdom 74 80 +6 (8.1%)
Hong Kong 6 9 +3 (50%)
Spain 35 37 +2 (5.7%)
Australia 13 15 +2 (15.4%)
Mexico 8 10 +2 (25%)
Switzerland 21 22 +1 (4.8%)
Czech Republic 19 20 +1 (5.3%)
Netherlands 10 11 +1 (10%)
Italy 9 10 +1 (11.1%)
Slovenia 8 9 +1 (12.5%)
Slovakia 7 8 +1 (14.3%)
Colombia 1 2 +1 (100%)
Hungary 1 2 +1 (100%)
Anguilla 0 1 +1
Gibraltar 0 1 +1
Malaysia 2 1 -1 (-50%)
Argentina 1 0 -1 (-100%)
Ireland 1 0 -1 (-100%)

Top markets are in USA and Canada — 70% of all new installations are coming from there. Austria has a growth of 10 machines. Austria is close to Germany, where bitcoin operations and also bitcoin ATMs are strictly limited, which could explain some demand coming from abroad.

Altcoins Support

Find latest stats of other cryptocurrency machines here.

In August the following increase in altcoins happened:

Name Start End Diff
Bitcoin 1409 1515 +106 (+7.5%)
Any altcoin 231 331 +100 (+43.3%)
Litecoin 210 302 +92 (+43.8%)
Ether 19 124 +105 (+452.6%)
Dash 23 65 +42 (+182.6%)
Dogecoin 4 5 +1 (+25%)

Altcoins adoption on existing bitcoin ATM machines continued in August as well (reached 21.8%). Number of machines that added support for any of altcoins grew by 100 units. The most significant growth is for Ether  — 124 machines support it now compared to only 19 at the beginning of July. Support for Litecoin, one of the most popular alternative cryptocurrency options, grew by 92 machines reaching more than 300 in total. Dash also had a significant increase compared to its previous level of adoption — grew almost 3x times, from 23 to 65 machines.

Summary

Bitcoin ATM market continues to grow with accelerating number of new installations (106 in August compared to 71 in July). Leading countries are USA and Canada. General Bytes and Genesis Coin lead the market with respect to new installations on the manufacturers side. Altcoins support on existing and new machines reached 21.8% compared to 16.5% in previous month.

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