On October 29, 2013, a coffee shop in downtown Vancouver, Canada, opened what is believed to be the world’s first publicly available Bitcoin (BTC) automatic teller machine (ATM) operated by Robocoin.
In its first week of operation, the cryptocurrency ATM processed 348 transactions totaling $100,000.
As of Oct. 30, 2022 — nine years and one day later — Robocoin has ceased operations, and the first crypto ATM has most likely been removed or replaced, but Bitcoin ATMs have continued to grow in number, with 38,804 cryptocurrency ATMs in operation today, according to Coin ATM Radar.
However, the global hub for Bitcoin ATMs has shifted, with the United States now housing nearly 88% of the world’s supply of crypto ATMs and accounting for 90% of all newly installed ATMs in the last few months.
In October alone, 129 of the world’s newly installed ATMs were located in the United States, out of a total of 205.
According to Coin ATM Radar data, Canada, home to the first crypto ATM, has only seen that number creep to 566 after nine years, though it still ranks second with 6.6% of the total.
Meanwhile, Spain became the third-largest crypto ATM hub on Oct. 22 with a 0.6% share across 215 ATMs.
According to a July report from Research and Markets, the crypto ATM space is now worth $46.4 million and will more than double to $472 million by 2027, driven by remittances and increased crypto ATM installations.
However, crypto ATM installations, like many other crypto-related products, have been tested this year as a result of the crypto bear market.
Bitcoin ATM installations slowed between January and May, then recovered slightly between June and August, but net crypto ATMs fell globally for the first time ever in September, with 459 machines removed from the global network.