Bitcoin Depot converts BTC ATMs software to reduce operating costs

Mar 17, 2023 | wjb news

Over the past few months, the total number of encrypted ATM assemblies has declined steadily around the world. Although some BTC machines have long been out of service because of international anxiety, dealers such as bitcoin warehouses are now converting their physical bitcoin (Bitcoin) ATMs into software.

The Bitcoin warehouse recently converted all of its 7000 encrypted ATMs and self-service kiosks into software-based merchandise encouraged by BitAccess. The software conversion came after Bitcoin Depot recovered its majority stake in BitAccess in November 2022. A few months before the deal, Bitcoin Garbo revealed that it planned to actively buy and sell for $885 million with a special-purpose acquisition company in 2023.

The software conversion of the encrypted ATM carries the hardware and software of the bitcoin warehouse vertically, eliminating the annual software license fee. Previously, this fee accounted for $3 million of the current year's operating costs.

In the first half of 2022, BitAcess became the market leader. However, data from Coin ATM radar detection confirm that the company's total number of ATM installations has been declining since July 2022.

As the chart above shows, BitAccess has fallen to third place at this stage, only after Genesis Bytes and Genesis Coin, both of which have increased their market share in the same timeline. In expressing the motivation behind the move, Jason Saco, senior vice president of BTM's operations at Bitcoin Depot, made it clear:

According to the replacement of the current computer hard disk with the hard disk pre-installed with xitAccess software, we have completed the software conversion efficiently and avoided some technical difficulties that may occur in the on-the-spot conversion project.

Saco also said that the first 6000 bitcoin ATMs of Bitcoin Depot began software conversion within 10 weeks. The improvement of login password ATMs is positively related to the total number of login passwords exposed to the public.

When El Salvador chose Bitcoin as its currency, US President Nayb Bukeley announced that the country would build an infrastructure consisting of 200 ATMs and 50 subsidiaries.

The Financial system personal Conduct Administration (FCA), the US financial regulator, recently announced that all encrypted ATMs operating in the United States are illegal without registration.

At that time, Marco Blanchett, chairman of the FCA's inspection and supervision board, also intended to disrupt the business process of unregistered passwords in the host country.