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Bitcoin ATM installation slowdown continues for fourth month in 2022

April 2022 marked the fourth consecutive month of a slowdown in Bitcoin (BTC) ATM installation since the slowdown began earlier in the year.

BTC ATMs serve a crucial purpose for the bitcoin economy, helping users to physically withdraw or deposit BTC holdings against the appropriate cash reserves.

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Net change in monthly installed and removed number of cryptocurrency machines. Source: Coin ATM Radar

Based on data provided by Coin ATM Radar, 2021 saw the highest increase in BTC ATM installations globally, with August peaking at 2,037 net ATM changes. As of January 2022, the net change in crypto ATMs fell to 1,687 from the December high of 1,969 ATMs.

Since then, the net change in crypto ATMs has remained on a downward trend, posting triple-digit changes in the following months in February (970), March (757), and April (739).

The explosive growth of crypto ATMs over the past year was a direct result of jurisdictions like El Salvador accepting Bitcoin as legal tender, which currently hosts the third-largest network of BTC ATMs after the United States and Canada.

Highlighting the largely untapped market for crypto ATMs, El Salvador is home to 205 Chivo-branded ATMs, which accounts for 70% of all crypto ATMs in South America.

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Number of Bitcoin ATMs installed over time. Source: Coin ATM Radar

However, as Cointelegraph previously pointed out, the apparent drop in crypto ATM installations could be the result of the slowdown in newer jurisdictions poised to accept and adopt the Bitcoin ecosystem.

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Number of cryptocurrency machines installed by the manufacturer over time. Source: Coin ATM Radar

Genesis Coin maintains its longstanding dominance in the crypto ATM market, accounting for a 41.5% market share. Other prominent crypto ATM manufacturers include General Bytes (21.6%), BitAccess (15.2%) and Coinsource (5.3%).

Related: Bitcoin ATM installed in Mexico’s Senate building

On April 26, Mexico’s Senate building installed its 14th BTC ATM, showing the country’s growing interest in the crypto ecosystem.

Mexican Senator Indira Kempis, who recently proposed Bitcoin legalization, announced the launch of the new BTC ATM in the Senate building, stating:

“For Freedom, Inclusion and Financial Education in Mexico.”