{"id":557513,"date":"2023-02-28T10:53:09","date_gmt":"2023-02-28T07:53:09","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-depot-converts-btc-atms-to-software-to-reduce-operating-costs\/"},"modified":"2023-02-28T10:53:09","modified_gmt":"2023-02-28T07:53:09","slug":"bitcoin-depot-converts-btc-atms-to-software-to-reduce-operating-costs","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-depot-converts-btc-atms-to-software-to-reduce-operating-costs\/","title":{"rendered":"# Bitcoin Depot converts BTC ATMs to software to reduce operating costs"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26bc0ac4a50\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26bc0ac4a50\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-depot-converts-btc-atms-to-software-to-reduce-operating-costs\/#%E2%80%9D_Bitcoin_Depot_converts_BTC_ATMs_to_software_to_reduce_operating_costs_%E2%80%9C\" >&#8221; Bitcoin Depot converts BTC ATMs to software to reduce operating costs &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_Depot_converts_BTC_ATMs_to_software_to_reduce_operating_costs_%E2%80%9C\"><\/span>&#8221; Bitcoin Depot converts BTC ATMs to software to reduce operating costs &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>Crypto ATM installations have seen a steady decline across the world over the past several months. While some ATMs have been taken out of operation due to geopolitical tensions and revenue decline, some providers like Bitcoin Depot have started converting their physical Bitcoin (BTC) ATMs to software.\u00a0<\/p>\n<p>Bitcoin Depot recently converted all of its 7,000 crypto ATMs and kiosks to a software-based offering powered by BitAccess. The software conversion drive came after Bitcoin Depot acquired majority equity in BitAccess back in November 2022. Months before the deal, Bitcoin Depot had revealed plans to go public in 2023 via an $885 million deal with a special-purpose acquisition company (SPAC).<\/p>\n<p>The software conversion of the crypto ATMs, which vertically integrates Bitcoin Depot\u2019s hardware and software, eliminates annual software licensing fees. The fees previously accounted for $3 million in annual operational costs.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/5c4940c2-1626-440f-b01e-b1146b5ca855.png\"><figcaption style=\"text-align: center;\"><em>Crypto ATM growth by manufacturers. Source: Coin ATM Radar<\/em><\/figcaption><\/figure>\n<p>In the first half of 2022, BitAcess enjoyed the position of a market leader. However, since July 2022, the company has seen a consistent decline in total ATM installations, confirms <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinatmradar.com\/charts\/manufacturer-growth\/\">data<\/a> from Coin ATM Radar.<\/p>\n<p>As shown in the above graph, BitAccess is currently down to third position after Genesis Bytes and Genesis Coin, both of whom have increased their market share in the same timeline. Explaining the motive behind the move, Bitcoin Depot\u2019s VP of BTM Operations, Jason Sacco, stated:<\/p>\n<blockquote><p>\u201cBy sw<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing out the existing hard drive with one preloaded with Bitaccess software, we quickly completed the software conversion while avoiding certain technical issues that can happen in field conversion projects.\u201d<\/p><\/blockquote>\n<p>Sacco also revealed that the first 6,000 of Bitcoin Depot\u2019s Bitcoin ATMs were software converted in 10 weeks. The increase in crypto ATMs is directly proportional to the amount of crypto exposure for the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> public. <\/p>\n<p>Back when El Salvador opted for Bitcoin as a legal tender, President Nayib Bukele announced the country will build a supporting infrastructure of 200 ATMs and 50 branches.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Australia overtakes El Salvador to become 4th largest crypto ATM hub<\/em><\/strong><\/p>\n<p>The United Kingdom\u2019s financial regulator, the Financial Conduct Authority (FCA), recently announced that all crypto ATMs operating in the UK are unregistered and illegal. <\/p>\n<p>At the time, FCA\u2019s executive director of enforcement Mark Steward shared the intention to disrupt unregistered crypto businesses in the country.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-depot-converts-btc-atms-to-software-to-reduce-operating-costs\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin Depot converts BTC ATMs to software to reduce operating costs &#8220; Crypto ATM installations have seen a steady decline across the world over the past several months. While some ATMs have been taken out of operation due to geopolitical tensions and revenue decline, some providers like Bitcoin Depot have started converting their physical&#8230;<\/p>\n","protected":false},"author":1,"featured_media":557514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/9d683520-e7b5-4fc2-9c30-66040026da5e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,77302,70719,34286],"class_list":["post-557513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-coinatmradar","tag-atm","tag-software"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/557513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=557513"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/557513\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/557514"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=557513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=557513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=557513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}