Bitcoin Depot decided to transform the software of Bitcoin ATMs to reduce operating costs.
Vertically integrating Bitcoin Depot’s hardware and software, the software conversion of crypto ATMs eliminates annual software license fees. These fees previously amounted to $3 million in annual operational costs.
Crypto ATM Installations Have Dropped
Crypto ATM installations have seen a steady decline across the globe over the past few months. While some ATMs have been shut down due to geopolitical tensions and revenue decline, providers such as Bitcoin Depot have begun converting the software of physical Bitcoin ATMs.
Bitcoin DepotShortly before 7,000 crypto ATMsand your entire kiosk BitAccess turned it into a software-based offering supported by software transformation move, Bitcoin Depot This came after . months before the deal bitcoin Depotwith a special purpose purchasing company It announced its plan to go public in 2023, with a deal of 885 million dollars.
market leader in the first half of 2022 BitAccess has seen a consistent decline in ATM installations since July 2022. The company is currently both increasing their market share on the same timeline. Genesis Bytes and Genesis Coin It fell to third position after . Commenting on the topic bitcoin of Depotvice president of BTM operations Jason Sacco, “By replacing the existing hard drive with a drive pre-installed with BitAccess software, we quickly completed the software conversion and avoided some of the technical issues that could occur with field conversion projects”used his statements.
SaccoHe also announced that the first 6,000 of Bitcoin Depot’s Bitcoin ATMs were converted to software within 10 weeks.
