There is a significant gap between offer and demand right now in the blockchain Industry. This gap is so significant that it is distorting usual hiring processes: developers who would usually be given the runaround (or a straight no) because of their lack of theoretical and hands-on blockchain experience are sometimes seriously considered for sensitive cryptocurrency jobs within teams that are struggling to attract the talent they require.
This gap is, without the shadow of a doubt, driving up salaries in this industry. As we will see below, anyone looking to get a foot in the door and secure a position in this industry can expect wages between 50 000 US Dollars and 200 000 US Dollars.
Since 2017, the market is struggling to supply enough talent to satisfy skyrocketing demand coming from a multitude of industries. According to LinkedIn, blockchain specialists were more in demand than developers of artificial intelligence, front-end developers and cloud computing platform engineers! The amount of vacancies in the blockchain industry increased by a staggering 1457% from 2015 to 2019. People associated with the industry urge to get the best LinkedIn automation tool for more growth.
The salaries of both technical and non-technical roles in the blockchain industry are 10-20% higher than salaries elsewhere. Generous incentives and profit sharing opportunities (to retain talent) are commonplace, such as fractional ownership and options.
Looking at job market dynamics, it certainly looks like open warfare: large firms from all industries are engaged in frantic hiring sprees to make sure they do not get blindsided by smaller, more nimble competitors who have the capacity to attract the blockchain talent that they need.
The best thing a developer can do at the moment is to study blockchain while working, and then transition to a junior blockchain position. Now is the time to act: there are plenty of flexible, remote entry-level cryptocurrency jobs worldwide that command high salaries and benefits. One of the options to make your cryptocurrency careers is LaborX, freelance blockchain jobs site that pay workers in crypto and provide an ample selection of jobs suitable for both junior and senior developers.
How are cryptocurrency job salaries determined exactly? Blockchain developer salaries depend on a host of parameters.
Salaries will, first of all, depend on a developer’s years of experience.
- A complete beginner can be defined as someone who has zero to 1 years of hands-on experience, working within a team on specific projects.
- A new developer has 1 or 2 years of experience.
- An experienced developer has 2 to 4 years of experience. An experienced developer should have a meaty portfolio of projects to present to employers.
- A Senior developer has more than 5 years of experience in the industry.
Complete beginners and new developers are typically assigned supportive tasks and groundwork. These tasks include directly supporting senior developers, debugging, repairing mobile apps, creating APIs and sometimes taking care of UI design and front-end development. During this time, complete beginners and new developers learn to work in a fast-paced team environment. Obviously, their salaries are going to be a reflection of what they do within a team, and this is why, typically, they command lower salaries than their more experienced peers.
Here are a few blockchain developer salaries for different areas of the world. It is important to bear in mind that these figures can fluctuate based on precise geographical location, company size, spikes in demand which often coincides with periods characterized by a strong Fear Of Missing Out (FOMO), and other factors.
Obviously, location is the most important parameter after skills and years of experience. It is obvious to anyone that a developer living in the Bay Area, in San Francisco, will get paid more than a developer living in Poland, for example.
- The Average salary in India is 460K, while in the United States it is 96K US Dollars.
- In the UK, blockchain developers pull on average £68K a year.
- Blockchain developers in Canada typically earn 95K CAD, which is quite lower than the 60K-150K Euros of their German counterparts.
- Switzerland seems to be a hot spot for salaries with 180 000 US being given on average to blockchain developers.
- And finally, the average salary is ¥45k to ¥60k in China.
The salaries above will fluctuate depending on a developer’s personal skill set. The richer the skillset, the higher the salary. A blockchain developer’s skill set is relatively rare and specialized, which explains why this cryptocurrency jobs command such high salaries. To illustrate this point, here is a common skillset of a blockchain developer:
- C, C++, Java, Python, JavaScript and TypeScript
- GitHub and experience contributing to open source projects
- Solidity, Vyper, Rust and WASM
- Basic knowledge of mathematics and algorithms
- A solid understanding of Decentralized Technologies, applications and platforms.