Blockchain Wages 62% Higher Than US Median
The median salary of blockchain-related job openings in the United States is now at USD 84,884 per year. That is 61.8% more than the overall US median salary, which stood at USD 52,261 a year, according to a new research by Glassdoor, one of the world’s largest job and recruiting sites.
According to the researchers, the higher pay of these jobs can largely be explained by their geographical location in high-cost cities like the tech hubs of New York and San Francisco. In addition, it said “high skill occupations like software engineers” already carry high salaries in the marketplace. “After accounting for those effects, the high salaries we see for these roles are not unusual,” the study said.
Meanwhile, the research also found an increase in blockchain-related job openings in the US of 300% since the same period last year, with 1,775 current openings compared with 446 openings at the same time last year.
Interestingly, the research further revealed the extent to which the growth in blockchain-related jobs is outpacing cryptocurrency prices:
The job number statistics shows that despite lower cryptocurrency prices, hiring in the space is not slowing at all, as the industry professionalizes and prepares for increased adoption of blockchain technology.
By far the most common job title in the sample studied was “Software Engineer,” making up 19% of all the job openings.
Unsurprisingly, New York City and San Francisco were the most popular cities for blockchain job openings in the US, with a 24% and 21% share of all new jobs, respectively. Outside of the US, the study found London, Singapore, Toronto, Hong Kong, and Berlin to all be hotspots for the hiring activity, together representing 60% of the non-US market for blockchain job openings.
Glassdoor conducted the study by performing searches on its own recruitment portal with keywords relevant to blockchain, bitcoin, and crypto-related jobs, while excluding job posts from staffing and recruitment firms to avoid double-counting job openings.
In the past, other studies have suggested even higher pay for blockchain and crypto-related developers in particular.
According to the Blockchain Salaries Report 2018, published by recruitment firm Blockgram earlier this year, the average annual salary for a blockchain developer is USD 130,000, well above the average salary for a typical software developer of USD 105,000. The same study further revealed that freelancers in the field could make between USD 50 to USD 100 an hour by offering their coding skills to blockchain projects desperately looking for more talent to join their team.
Also, as reported, 42% of the top 50 universities in the world now offer at least one course on a cryptocurrency or blockchain technology related subject.
Other findings in the research by Glassdoor: