The cryptocurrency market suffered through a prolonged bear phase and a wide-scaled collapse of various firms; however, a recent study shows that the crypto sector engineers are still better than others in the technological sector.
Recently, an asset management company conducted a study on the engineers working in the crypto sector worldwide. The research studied engineers working in the crypto sector from varied geographical locations. While the engineers in the crypto sector have been earning better than other sectors, those residing in specific locations were better than their counterparts.
In particular, this year, United States and Canadian engineers earn an average salary of $177,653 per year, whereas the median salary stands at $165,500 per year. European blockchain developers earn an average salary of $112,476, while the median wage is $93,870.
Now, the median wage in Asia stands at $85,000, whereas the engineers in the area are earning an average salary of $70,919, which is twice less than that of their North American counterparts. Interestingly, Asia is home to some of the world’s most tech-friendly and advancing nations, like Japan, Korea, China, etc.
Further, the researchers also studied the average base salary in India. Here, the average salary for blockchain engineers stands at $68,310, whereas the median package was estimated at $23,293.
Also, as per the research, the global Web3 and blockchain average base salary stands at $128,606.
The research was based on 15 geographically distributed startups operating in the crypto space. The companies surveyed had a workforce of between 5 to 115 employees, with the majority, about 87% working in a remote setup. For studying the engineers and their salaries, the survey considered feedback from 224 crypto engineers settled worldwide.
The researchers mentioned:
“On average, professionals in the crypto-asset industry make significantly more than their peers in Web2. We acknowledge that salaries change fast in the Web2 space, and we know firsthand that Web3 salaries tend to change even faster.”
The study concluded that the settlement of crypto businesses in Asia and Europe could be due to the abundance availability of labor even at lower costs. It also mentioned that the crypto industry salary variance could inform regions what the companies in the sector prefer the most.
Additionally, as observed, the low labor costs prevalent in the Asian market often force developers to move abroad in search of amiable opportunities and mainly prefer the remote model to enjoy the perks. Elsewhere, the bear market appears not to have defied the interest of the masses in crypto-related ventures. Another report from July revealed that about 50% of the sector’s employees prefer getting paid in cryptocurrencies.
In November this year, Todayq News reported a shift in the trend of in-demand positions in the cryptocurrency and blockchain industry. In an industry as rapid as crypto, changes are very frequent, and everyday advancement is what invites youth besides monetary incentives. 2021 witnessed a significant surge in demand for cryptocurrency and blockchain jobs, primarily via recruitment websites like LinkedIn.
Data reveals that between September 2020 and July 2021, the growth in the field was as massive as 100%. In 2021, the largest share of it was concentrated in software development, about 30%, which is a year-over-year (YoY) drop from 34% during the same period in 2020.