Blockchain engineering salaries soar despite fall in crypto prices

October 22, 2018
Chris Wheal

Further evidence was published on Monday that the price of cryptocurrencies bears little correlation to hiring in the crypto and blockchain sector.

Blockchain jobs are on the increase, along with salaries

While cryptocurrency prices have fallen sharply since hitting record highs between December and February, the number of jobs in the sectors have rocketed and salaries in for blockchain engineers are on the up, according to the latest research from US technology jobs website Hired.

State of Salaries

In its State of Salaries Report 2018, Hired says blockchain software engineers are earning on average between $150,000 and $175,000 a year – the top level represents a 30% premium over the $135,000 average annual earnings of a software engineer outside of the blockchain sector.

At such levels, the pay of blockchain engineers is comparable with that of programmers and developers that specialise in artificial intelligence and machine learning, the report claims.

Location, location, location

As it is in choosing the right place to live, location is as important a factor in choosing the right place to work, the researchers at Hired say.

Silicon Valley and the Bay Area of San Francisco remains the tech capital of the world, with companies such as Google and Facebook calling it home. But among the fastest-growing rival cities offering the best tech salaries are Austin, Texas, Los Angeles, California and Washington DC.

Tech salaries in London compared the worst. The average tech salary in the UK capital has dropped more than 17% since 2015 and London tech companies are much less likely to hire candidates outside the UK, Hired’s research found.

Further research

Hired’s report is the second influential employment trends survey to be published in the past week. On Friday, OpenLedger reported on a survey by Glassdoor: The Rise of Bitcoin and Blockchain, which also reported on the dramatic surge in blockchain and crypto-related jobs in the last year – despite the fall in prices.

It found that at the end of August there were 1,775 unique blockchain-related job openings in the US compared with a paltry 446 similar job listing at the same time a year earlier – a 300% year-on-year increase.

Glassdoor also found that San Francisco represented the tech hiring capital of the US. Along with New York, nearly half of all blockchain jobs were shared among the two cities, with San Francisco taking 24% and NYC 21%. London ranked third with an impressive 16% market share.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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