Bitcoin ATM Market Dynamics July 2017

During July 2017 bitcoin price fluctuated a lot. In the beginning of the month it fell to less than $2000 per BTC, but then quickly gained back and month closed at roughly $2700 per BTC, which was higher than the price of end of June 2017.

BTC price July 2017

Bitcoin ATM new locations also increased drastically over July 2017:

Period Start: 1331, Period End: 1402
Open: 112, Closed: 41, Net Growth: +71 (+5.3%)

The growth was actually higher, but due to MetroBTM operator becoming unresponsive and abandoning machines in previous months, all locations of this operator were closed on the site (19 in total). So actual bitcoin ATM net growth was +90 machines, which is similar to 91 new bitcoin machines in previous month.

Change by Manufacturers

Name Start End Diff
General Bytes 255 291 +36 (14.1%)
Genesis Coin 649 673 +24 (3.7%)
Lamassu 231 239 +8 (3.5%)
Covault 10 18 +8 (80%)
InstaKiosks 0 5 +5
BitXatm 34 38 +4 (11.8%)
BTC facil 22 24 +2 (9.1%)
BitTeller 3 5 +2 (66.7%)
BitAccess 47 48 +1 (2.1%)
zzBit 6 7 +1 (16.7%)
Skyhook 17 16 -1 (-5.9%)
Bitlox 19 0 -19 (-100%)

This month the second largest manufacturer General Bytes took the lead with respect to new installation of ATMs. Their network grew by 36 new machines (14%). Genesis Coin, largest bitcoin ATM provider, increased number of locations by only 24 machines, which is 3.7% of currently operational Genesis Coin units in the world.

Lamassu is the third largest operator, shared its third position of 8 new machines with producer of another type of bitcoin machine — Covault. While for Lamassu increase by 8 machines was only 3.5%, for Covault it was a large leap of 80%.

Instakiosks slim bitcoin machines started to getting installed in Florida by EuroExchange USA operator. Previuosly Instakiosks was operating quite a number of their own machines, but they were closed and company switched to providing services via bitcoin teller locations.

On the negative side largest decrease is for Bitlox manufacturer, whose machines were used solely by MetroBTM.

Change by Operators

Find here the list of featured bitcoin ATM operators on the site.

Operators who increased number of machines by at least 3 units in July were:

Name Start End Diff
Pay DEPOT LLC 10 18 +8 (80%)
RockItCoin 40 47 +7 (17.5%)
HoneyBadger 10 16 +6 (60%)
EuroExchange USA 0 5 +5
Coinsource 117 121 +4 (3.4%)
Cointed GmbH 29 33 +4 (13.8%)
National Bitcoin ATM 18 22 +4 (22.2%)
BCB ATM 11 14 +3 (27.3%)
LocalBTM 4 7 +3 (75%)
EZ Coin ATM 2 5 +3 (150%)
Cointm 0 3 +3

Pay Depot LLC is leading the chart this month with 8 new bitcoin ATM installations. The company at the moment concentrates on New Jersey state and had 18 bitcoin machines in total at the end of July (80% increase during month).

Rockitcoin is steadily increasing its network with 7 new locations added in July 2017 (17.5% increase). Company runs now 47 ATMs in total and present in 8 states in the U.S.

HoneyBadger is a Canadian operator concentrating mostly in Vancouver, BC, but also spreading to other states like Ontario and Saskatchewan.

EuroExchange USA is a new operator, who works in cooperation with Instakiosks and increases its network in Florida. Started from scratch and had 5 bitcoin ATM locations at the end of July.

Coinsource, the world largest operator, increased network in July by 4 machines, which is only 3.4% from operator’s network, however, the company demonstrates steady growth over long period and operated 121 machines in total by the end of July. By the same number of 4 machines increased their networks Austrian operator Cointed and US-based operator National Bitcoin ATM. In relative figures they grew by 14% and 22% respectively.

Network increase by 3 machines had 4 operators: UK-based BCB ATM, who is now second largest bitcoin operator in United Kingdom after SatoshiPoint, US-based LocalBTM operator, who has machines in LA area, EZ Coin ATM operator, who has several machines in Los Angeles as well as in San Diego. Also new operator Cointm has 3 brand new installations, by coincidence they are now concentrating services also in Los Angeles area.

Operators with decreased number of machines:

Name Start End Diff
Bitcoin Depot 72 71 -1 (-1.4%)
Digital Mint 49 48 -1 (-2%)
Kryptocash 1 0 -1 (-100%)
EasyBit 26 24 -2 (-7.7%)
MetroBTM 19 0 -19 (-100%)

There were several operators, whose network decreased, but not significantly by 1-2 machines. MetroBTM on opposite was totally closed as operator on the site.

Change by Countries

Find here the full distribution of bitcoin machines by countries.

Name Start End Diff
United States 809 834 +25 (3.1%)
Canada 179 192 +13 (7.3%)
United Kingdom 68 74 +6 (8.8%)
Austria 39 45 +6 (15.4%)
Switzerland 19 22 +3 (15.8%)
Netherlands 8 10 +2 (25%)
Greece 3 5 +2 (66.7%)
Kosovo 0 2 +2
Spain 34 35 +1 (2.9%)
Czech Republic 18 19 +1 (5.6%)
Japan 15 16 +1 (6.7%)
Italy 8 9 +1 (12.5%)
Slovakia 6 7 +1 (16.7%)
Dominican Republic 5 6 +1 (20%)
Hong Kong 5 6 +1 (20%)
Serbia 3 4 +1 (33.3%)
Poland 2 3 +1 (50%)
Lithuania 1 2 +1 (100%)
Panama 1 2 +1 (100%)
Malta 0 1 +1

United States of America is on the lead as before, but in July in relative terms growth in US was low, only 3% (+25 machines), while Canada and UK grew by 7% and 9% respectively. European German speaking countries, namely Austria and Switzerland have increased number of bitcoin ATMs by 15% (6 and 3 machines).

There were two countries where bitcoin machines were installed for the first time. First one is Kosovo, there actually two bitcoin machines were launched by two different operators in one city Pristina. Both machines are General Bytes BATM2 units, which support buy bitcoin option and also other altcoins, e.g. both support operations in ETH and LTC, and one also supports DASH. Machines are pretty close to each other — around 500 meters away.

Another new country that got added to bitcoin ATM countries list is Malta. There actually were two separate entrepreneurs group working on adding machines as well. Only one was successful and installed machine in Silema. Another group launched crowdfund campaign in hope to raise $6K to install 2-way bitcoin machine. At the moment of this writing the project raised only $1K out of $6K.

There is a long list of countries that have increased number of bitcoin machines by 1 or 2 units (see table above).

Altcoins Support

Find latest stats of other cryptocurrency machines here.

Name Start End Diff
Bitcoin 1331 1401 +70 (+5.2%)
Any altcoin 100 231 +131 (+131.0%)
Litecoin 91 210 +119 (+130.8%)
Ether 13 19 +6 (+46.2%)
Dash 7 23 +16 (+128.6%)
Dogecoin 5 4 -1 (-20%)

Altcoins support at bitcoin machines continued to climb very fast in July 2017 as well. Total number of machines supporting any of the altcoins grew by 131 machines or 131%. Most growth was in support of Litecoin, there are now 210 machines supporting this crypto currency.

Growth was observed also in support for Ether and DASH operations, but in nominal figures the increase is only 6 and 16 machines (46% and 129% respectively).

In any case, the growth in all altcoins adoption by operators is very significant, given that at the end of last year there were not more than 10 machines across the grlobe supporting any other than Bitcoin cryptocurrency.

Interesting enough is the fact that at the end of July there was one machine that didn’t support Bitcoin, but was supporting altcoins. However, this was done by operator to prevent any problems around hard fork period and later it had support for Bitcoin switched on again.

At the moment we don’t know about any operator who started supporting operations in Bitcoin Cash, however, given the fact that hard fork didn’t bring and significant distortion to Bitcoin and still is alive after more than a week trading at roughly $300, this support by operators might appear in the future.

Concentration Change

By Operators

Country HHI (Change) CR3 (Change) CR5 (Change)
United States 5% (-0.1%) 28.8% (-0.6%) 40% (-0.4%)
Canada 11.2% (-0.6%) 51.6% (-2.6%) 65.1% (-0.3%)
United Kingdom 16.7% (-1.3%) 59.5% (-0.8%) 74.3% (-2.1%)
Austria 58.8% (-0.8%) 97.8% (+0.3%) 100% (+0.0%)
Spain 45.3% (-2.6%) 82.9% (-2.4%) 91.4% (-2.7%)
Finland 38% (+0.0%) 90.9% (+0.0%) 100% (+0.0%)
Switzerland 40.5% (-1.3%) 90.9% (-3.8%) 100% (+0.0%)

There was no significant change in concentration among operators. It slightly decreased in most top countries. The U.S. still have the lowest concentration of 29% of market controlled by top 3 operators. Canada and UK have this indicator at 52% and 60%, the rest countries have very high concentration when 3 operators control 83-91% within country’s market.

By Manufacturers

Country HHI (Change) CR3 (Change) CR5 (Change)
United States 53.3% (-0.3%) 91.6% (+0.6%) 95.8% (+0.4%)
Canada 29.8% (-1.4%) 85.4% (-0.1%) 97.4% (+0.2%)
United Kingdom 38.1% (-0.6%) 89.2% (+1.0%) 98.6% (+0.1%)
Austria 91.5% (+1.2%) 100% (+0.0%) 100% (+0.0%)
Spain 41.1% (-1.5%) 88.6% (+0.3%) 100% (+0.0%)
Finland 36% (+0.0%) 95.5% (+0.0%) 100% (+0.0%)
Switzerland 37.6% (+4.6%) 90.9% (+1.4%) 100% (+0.0%)

Similarly no significant change was observed for concentration among types of machines operated. But the levels of concentration are much higher at 92% on average for CR3 indicator. CR5 is very close to 100%, which means the whole bitcoin ATM market in every country in major way represented by machines of no more than 5 different manufacturers. The demand for machines is very high, which we observe via many request for becoming machine operator, and operators usually order hardware from known and established business on the top of bitcoin ATM manufacturer list. High demand is also observed via public announcements of companies, e.g. General Bytes mentioned that they are out of stock for BATM2 model till 23rd of August.

Summary

Bitcoin ATM market continued expansion in July 2017. Many new players enter the market, although the operators installing most machines are the already established business, who increase their business. There is a strengthening trend of adding altcoins support to existing bitcoin machines. To put things into perspective there are now 48 different operators who have at least 1 machine supporting any altcoin.

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