Bitcoin Depot ATM

Bitcoin ATM Market Dynamics September — November 2017

Previous similar review was about August. Filling the gap of 3 months in this post we cover what are the main changes in bitcoin ATM statistics over last 3 months: September — November.
There was a drastic change of bitcoin price over this time, it grew from $4912 in beginning of September to $10884 at the beginning of December (more than 2x growth).

Bitcoin price Sep - Nov 2017
Bitcoin Price End of November 2017, source: blockchain.info

Demand for buying cryptocurrency supported the installations of new machines and new operators entering the market. Here are general figures for 3 months:

Period Start: 1514, Period End: 1890
Opened: 519, Closed: 143, Net Growth: +376 (+24.8% or 7.6% per month)


Growth rate continued to stay at high levels of 7.6% per month. During three months there were 4 new countries, where bitcoin machines were installed for the first time: Costa Rica, Cyprus, Aruba, and Peru. At the moment there are 62 countries where at least one bitcoin ATM is operated. Fair to say that many countries still have 1, 2, or 3 machines installed, but the broad geographic coverage confirms that bitcoin doesn’t have national borders.

Change by Manufacturers

Name Start End Diff
General Bytes 333 523 +190 (57.1%)
Genesis Coin 592 687 +95 (16%)
Lamassu 243 269 +26 (10.7%)
Coinme 7 32 +25 (357.1%)
Covault 25 43 +18 (72%)
BitTeller 8 18 +10 (125%)
Coinsource 126 135 +9 (7.1%)
BitAccess 50 55 +5 (10%)
Bitnovo 3 6 +3 (100%)
zzBit 8 10 +2 (25%)
BBFPro 6 8 +2 (33.3%)
Bcash Greece Inc 2 3 +1 (50%)
Kiosk Terminals 0 1 +1
Skyhook 11 10 -1 (-9.1%)
LocalBitcoins 10 9 -1 (-10%)
Bitcoin D.A.V.E. 3 2 -1 (-33.3%)
CoinOutlet 7 5 -2 (-28.6%)
Robocoin Kiosk 4 2 -2 (-50%)
BTC facil 26 21 -5 (-19.2%)

The absolute leader in number of ATM installations was General Bytes, who increased their machines presence by more than 57% (+190 machines). Genesis Coin, bitcoin machine producer with largest number of machines installed, had 95 new installations or 16% growth. General Bytes is very fast moving to soon become a company with largest number of machines on the market, recently they tweeted that 1000 machines were sold.

Current pie diagram of bitcoin ATM manufacturers shares looks the following:

Bitcoin ATM producers share

Fair to mention, Coinsource, the world largest operator of machines, switched from Genesis Coin to own developed software, and now listed as a separate manufacturer. This is one of the latest trends in the industry. The operators business grew to the point when it is more profitable to develop and maintain own software and sometimes even to producer own hardware.

From the top 10 manufacturers — there are three companies, who originate as operators: Coinsource, Coinme (Seattle based operator who is now rapidly expanding country-wide: +25 new locations over 3 months) and Covault (which is only operated by Pay Depot).

Change by Operators

Operators who increased number of machines by 10 or more locations over 3 months:

Name Start End Diff
Cointed GmbH 38 70 +32 (84.2%)
Coinme 7 32 +25 (357.1%)
RockItCoin 51 71 +20 (39.2%)
Pay DEPOT LLC 25 43 +18 (72%)
LocalCoinATM 9 25 +16 (177.8%)
HoneyBadger 17 32 +15 (88.2%)
Bitstop 39 52 +13 (33.3%)
Digital Cash 2 Go, Inc. 0 13 +13
BitcoinPlug 15 27 +12 (80%)
CoinFlip Bitcoin ATMs 15 27 +12 (80%)
Bitcoin Depot 77 88 +11 (14.3%)
Digital Mint 48 58 +10 (20.8%)
Slon BTM LLC 18 28 +10 (55.6%)

Leading operator over this time-frame was Cointed, an Austrian company, who installed 32 new machines and reached 70 in total. Most of the growing companies are in the U.S., apart from two companies from Canada — LocalCoinATM and HoneyBadger.

Change by Countries

Name Start End Diff
United States 887 1091 +204 (23%)
Canada 214 290 +76 (35.5%)
Austria 54 93 +39 (72.2%)
United Kingdom 79 97 +18 (22.8%)
Netherlands 10 19 +9 (90%)
Australia 16 21 +5 (31.3%)
Italy 10 14 +4 (40%)
Panama 3 6 +3 (100%)
Mexico 10 12 +2 (20%)
Slovakia 8 10 +2 (25%)
Hong Kong 8 10 +2 (25%)
Russian Federation 6 8 +2 (33.3%)
Taiwan 3 5 +2 (66.7%)
Kosovo 2 4 +2 (100%)
Vietnam 2 4 +2 (100%)
Norway 1 3 +2 (200%)
Czech Republic 20 21 +1 (5%)
Greece 5 6 +1 (20%)
Croatia 3 4 +1 (33.3%)
Poland 3 4 +1 (33.3%)
Israel 2 3 +1 (50%)
Colombia 2 3 +1 (50%)
Liechtenstein 1 2 +1 (100%)
Kazakhstan 1 2 +1 (100%)
Peru 0 1 +1
Costa Rica 0 1 +1
Cyprus 0 1 +1
Aruba 0 1 +1
Spain 36 35 -1 (-2.8%)
Finland 21 20 -1 (-4.8%)
Indonesia 3 2 -1 (-33.3%)
France 2 1 -1 (-50%)
Jersey 1 0 -1 (-100%)
Isle of Man 1 0 -1 (-100%)
Japan 16 11 -5 (-31.3%)

The leaders on country level are still USA and Canada. Austria is on top 3 position because of one operator in the country installing many machines. Interesting country is Netherlands, where at the beginning of the year there were just 2 machines, currently growing fast and have in total 19 machines by the end of November.

On the negative side, Japan is leading the list with 5 locations removed, reducing total number from 16 to 11.

Altcoins Support

Find latest stats of other cryptocurrency machines here.

In last three months the following increase in altcoins support happened:

Name Start End Diff
Bitcoin 1515 1889 +374 (+24.6%)
Any altcoin 331 596 +265 (+80.1%)
Litecoin 302 561 +259 (+85.7%)
Ether 124 261 +137 (+110.5%)
Dash 65 134 +69 (+106.1%)
Bitcoin Cash 0 32 +32
Dogecoin 5 5 +0 (0%)
Zcash 0 3 +3
Monero 0 1 +1

Altcoins adoption on existing bitcoin ATM machines continued to increase in September — November (reached 31.6% of all locations compared to 21.8% three months earlier).

Summary

Bitcoin ATM market (number of locations) grows at fast speed (~7.6% a month). Leading countries are USA and Canada. General Bytes and Genesis Coin lead the market with new locations added. There is a trend when operators of machines start to produce machines / develop software on their own. Altcoins support on existing and new machines reached 31.5% compared to 21.8% three months ago.

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