Bitcoin Depot ATM

Bitcoin ATM Market Dynamics January 2018

Our last review covered September through November. Now we will take a look at the first month of the new year. The price of Bitcoin steadily soared to record highs through the first half of December. After peaking at $19,499, volatility has been the norm since then. The price of Bitcoin has seen sharp rises here and there, but overall for the month of January, it has progressively declined in value. In spite of the downward trajectory, the price of Bitcoin still remains high when compared to previous years.

BTC price January 2018 USD
Bitcoin Price January 2018, source: blockchain.info

The growth rate has remained steady for new machines.

Period Start: 2025, Period End: 2153
Opened: 149, Closed: 21, Net Growth: +128 (+6.3%)


Beyond noting the continued and steady increase of new machines, it is also important to highlight that in course of a year the total number of machines has approximately doubled.

Change by Manufacturers

Name Start End Diff
Genesis Coin 732 766 +34 (4.6%)
General Bytes 561 592 +31 (5.5%)
BitAccess 57 83 +26 (45.6%)
Coinsource 138 153 +15 (10.9%)
Lamassu 282 294 +12 (4.3%)
Covault 63 73 +10 (15.9%)
BTC facil 22 23 +1 (4.5%)
BBFPro 10 11 +1 (10%)
Coinme 39 38 -1 (-2.6%)
BitTeller 20 19 -1 (-5%)

January saw nominal growth for top two producers General Bytes and Genesis Coin. Genesis Coin had 34 installations (4.6% increase) while General Bytes added 31 new machines (5.5% increase.) The largest growth in terms of percentage for the month of January was from BitAccess, who installed 26 new machines, which represents a 45.6% increase. BitAccess is a Canadian company and this month’s installations have kept Canada ranked second only to the United States for both machines installed for the month, as well as total machines.

Towards the end of January Coinsource announced that it will be switching from third party software to its own in house version that will improve efficiency. Additionally they announced that for 2018 they plan to add 400 machines in the United States, expanding into 25 new states. Over the month of January Coinsource had larger than average 10.9% growth in installed machines.

Coinme and BitTeller were the only two companies to see decrease this month, each losing one machine.

Change by Operators

Operators who increased number of machines by 3 or more locations over the past month:

Name Start End Diff
CoinCloud 29 55 +26 (89.7%)
Coinsource 138 153 +15 (10.9%)
Pay DEPOT LLC 63 73 +10 (15.9%)
Instacoin 61 71 +10 (16.4%)
Cottonwood Vending (CoinBTM) 47 54 +7 (14.9%)
Coin Nation ATMs Inc 3 8 +5 (166.7%)
Bitcoin Depot 100 104 +4 (4%)
RockItCoin 74 77 +3 (4.1%)
Cointed GmbH 73 76 +3 (4.1%)
HoneyBadger 39 42 +3 (7.7%)
CoinFlip Bitcoin ATMs 33 36 +3 (9.1%)
Bitcoin Solutions 15 18 +3 (20%)
Blockchain BTM 11 14 +3 (27.3%)
Pelicoin LLC 8 11 +3 (37.5%)
TAO BITCOIN LLC 3 6 +3 (100%)
Premier Bitcoin ATM 2 5 +3 (150%)

CoinCloud had the most installations, adding 26 new machines, which represents 89.7% growth. CoinSource maintained its position as having the highest total number of machines. The month saw them installing the second highest amount of machines, a total of 15. These two companies in addition to Pay Depot LLC were the top three for the month, and all are based in the United States. Coming in fourth, Canadian company Instacoin added 10 new machines.

Change by Countries

Name Start End Diff
United States 1187 1281 +94 (7.9%)
Canada 312 338 +26 (8.3%)
Austria 92 99 +7 (7.6%)
Spain 35 36 +1 (2.9%)
Australia 22 23 +1 (4.5%)
Netherlands 15 16 +1 (6.7%)
Russian Federation 10 11 +1 (10%)
Singapore 4 5 +1 (25%)
Malta 2 3 +1 (50%)
Guam 1 2 +1 (100%)
Mongolia 0 1 +1
Hong Kong 10 7 -3 (-30%)
Macau 4 0 -4 (-100%)

The overall growth by operators still has the majority of Bitcoin machines in North America, with United States and Canada having the most machines installed for the month as well as total machines overall. Austria added 7 machines for the month. Mongolia had its first machine installed in January. The machine is from leading manufacturer Genesis Coin.

Both Hong Kong and Macau saw decreases in the total number of machines. Hong Kong reduced its number of machines by 30%, while Macau no longer has any Bitcoin machines.

Altcoins Support

Find latest stats of other cryptocurrency machines here.

Altcoin support saw the following increases over the past two months:

Name Start End Diff
Bitcoin 1889 2151 +262 (+13.9%)
Any altcoin 596 937 +341 (+57.2%)
Litecoin 561 900 +339 (+60.4%)
Ether 261 328 +67 (+25.7%)
Dash 134 173 +39 (+29.1%)
Bitcoin Cash 32 116 +84 (262.5%)
Zcash 3 17 +14 (466.7%)
Dogecoin 5 3 -2 (-40%)
Monero 1 3 +2 (200%)

The volatility and downward trajectory of cryptocurrency prices did not stop the steady growth of Altcoin adoption onto Bitcoin machines. At the end of January 44% of all machines supported at least one of altcoins. Litecoin saw the greatest increase in terms of overall number by machine (+339). Bitcoin Cash was added on 84 machines, which is much lower than Litecoin adoption growth, however larger than Ether’s (+67). Fair to say that largest manufacturer Genesis Coin supported only Litecoin as altcoin for long time. Ether support was added only at the beginning of February 2018, and Bitcoin Cash is not supported now. So even when operators would like to add other altcoins, they are limited and choice.

Summary

December and January were tremendous months in the world of cryptocurrency. Prices for Bitcoin and many alt coins hit record highs after steady growth and growing mainstream coverage of cryptocurrency. After experiencing surging prices, the market has experienced quite a bit of volatility as well as declining prices. These two things have not affected the steady and continued growth of machine installation. As companies continue to improve the software for the machines and more exciting developments happen in the field of cryptocurrency, we can expect to see similar growth in the coming months.

2 thoughts on “Bitcoin ATM Market Dynamics January 2018

  1. Is it safe to use this company’s ATM’s? Specifics by location and the web site in general are completely devoid of information on the fees. Being that the fees are such an important piece of the transaction, isn’t it rather shady that there is no mention of them?

    1. Hello Michelle, normally you will see the price of bitcoin on the screen BEFORE your purchase. You can compare it to the market price to find out fee size. Having said that many operators don’t report fees, especially the ones with higher than average. However, it is advisable to check either at machine or by contacting operator prior to visiting machine.

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