In spite of the bear market and the record-low dynamics of new Bitcoin ATM installations throughout the globe, Australia has broken into the top three countries internationally in terms of the number of cryptocurrency ATMs.
It wasn’t until the first few days of January that the Australians moved up to the fourth slot; since then, they’ve added another 16 computers to their network. According to the data provided by Coinatmradar, Australia now has 234 crypto ATMs, which places her in third place internationally behind the United States and Canada in terms of the number of available machines.
In three weeks it outpaced Spain, which possessed 222 crypto ATMs.
It’s all about dynamics: Australia installed 99 cryptocurrency ATMs in only the final three months of 2022, which is over half of the country’s entire number of machines.
Since the beginning of the year, Australia has added 16 new ATMs, while Spain has actually lost 4, and El Salvador, which occupies the fifth rank globally, has not registered a single new ATM. Australia leads the world in this category.
In general, the number of cryptocurrency ATMs in Australia, Spain, and El Salvador combined could not come close to matching the large number of ATMs in the United States. The United States of America is home to 33,387 machines, which accounts for 86.9% of all machines in the world.
Together with Canada (2.556) at the time of writing, they possess a remarkable 94.4% of all the crypto ATMs.
A bear market that lasted all of 2022, coupled with heightened geopolitical tensions and inflation on a global scale, led to a significant reduction in the number of cryptocurrency ATMs being installed.
Comparatively, only 94 Bitcoin ATMs were added to the global network between July and the end of 2022. This is in contrast to the 4,169 Bitcoin ATMs that were present during the first half of 2022.
The first Bitcoin ATM with integrated Lightning Network capabilities was installed in the city of Coolangatta, which is located in Australia, in the month of January 2023.
It functions in a manner that is analogous to that of conventional cryptocurrency ATMs, but the layer-2 Lightning solution allows for significant time savings.
This article was originally reported on Blockchain News.