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The career of the blockchain developer is one that tempts many, and the ongoing Web3 growth is clear proof of the sector’s potential. The impressive increase in demand for blockchain developers over the last few years is not surprising.
A thorough market analysis of this sector has to consider multiple dimensions, from the geographical distribution of developers to the salaries in the sector.
This statistics article will tackle the question, “How many blockchain developers are there?” We’ll see how some countries are losing market share in this sector and familiarize ourselves with the numbers you should know in the industry.
Top 5 Facts on Blockchain Developers
Here are the main facts regarding blockchain developers:
- As of October 2023, there are 19,300 active blockchain developers in the world (Developer Report)
- The US global share of blockchain developers has been declining steadily from 40% in 2017 to an estimated 27% in 2023. (Developer Report)
- Most crypto developers (70%) have over one year of experience in Web3. (Developer Report)
- In terms of income, the yearly gross salary of a blockchain developer on a global scale is $195,000. (Web3 Jobs)
- In terms of hourly pay, blockchain developers can earn between $31 and $132 per hour. (Web3 Jobs)
Breakdown of an Active Market
The active blockchain market has grown significantly over the past few years, with a surge in developers globally. However, recent trends indicate a shift towards maturity, with fewer newcomers entering the sector.
The number of active blockchain developers, as of October 2023, was 19,300 on a global scale.
From October 2020 to October 2023, despite the 2022 bear market, the global number of developers increased by 66%.
In 2023, the trend reverted, with a change in blockchain developers from October 2022 to October 2023 equaling -27%.
The market is moving toward a maturity phase, with a decrease in complete crypto newcomers entering the blockchain development sector. The number of newcomers passed from 14,400 in October 2022 to 6,100 in October 2023.
Interestingly, newcomers in the blockchain development field tend to grow close to the end of a market bull run. In fact, at the beginning of 2022, 60% of crypto developers were newcomers.
In contrast, as of October 2023, 70% of crypto developers cannot be identified as newcomers in the Web3 sector.
Source: Developer Report
The Geographic Distribution of Blockchain Developers
The geographic distribution of blockchain developers is far from being even across the world. The US and EU have been leading the development of this technology since its early days, with a large share of the global blockchain developer community.
By running a linear regression on the existing data from 2017 to 2022, it appears likely that the US will have 27% of the blockchain developers in 2023.
The United Kingdom has an expected 7% of the global blockchain developers.
If we look at other continents, we notice that India alone has an expected 8% of the total blockchain development community.
By comparison, the entire Latin America region only has an expected 5% of the global blockchain developers.
Africa lags severely behind everyone else, with only an expected 4% of the world’s blockchain developers residing there.
In terms of variation, the US blockchain developers’ global share has declined from 40% to 29% between 2017 and 2022.
As of December 2022, most blockchain developers were in either North America or the European Union, with each region hosting 29% of the total.
In the same period, India has increased from 2% in 2017 to 6% at the end of 2022.
The European Union has maintained its importance in the market, hovering around 30% from 2017 to 2022.
Source: Developer Report
Table 1: Share of US Blockchain Developers vs. Global Headcount
How Much Can a Blockchain Developer Earn?
Regarding salary, the blockchain job market has shown a high degree of variance both on a global scale and within specific regions. The market has also seen fluctuations in job openings, particularly correlated with crypto prices, indicating the level of interest and investment in the sector.
A blockchain developer earns, on average, a gross salary of $135,000 per year as of October 2023.
The variance in salary is high, with a minimum of $60,000 and a maximum of $255,000.
In hourly terms, the numbers translate into a $70 pay per hour for an average blockchain developer.
South America is clearly lagging in terms of salaries, with the average blockchain developer in Ecuador being paid an average of $30,000 per year.
In the US, the average blockchain developer receives $96,850 per year.
A Look at Existing Web3 Job Offers
Interestingly, there seems to be a correlation between crypto prices and new development jobs in the blockchain sector. In fact, a popular Web3 job platform recorded a peak above 1,100 job offerings for development positions on its website in February 2022, when the ETH price was close to $3,000.
Compared to October 2023, the number of jobs offered for blockchain development positions has declined below 500 listings, with the price of Ethereum standing at $1,800.
However, the number of applicants per blockchain development post does not appear to follow the crypto market prices, with a peak of 311 applicants per job in January 2023.
As a comparison, in October 2023, the average number of applicants per job was 103, indicating a decline in competition for blockchain development roles compared to the peak of January 2023.
Contrary to what one could assume due to the highly decentralized nature of blockchain, only 42% of blockchain developers’ jobs are remote-based.
Source: Web3 Jobs, Glassdoor
The blockchain development sector exhibits a dynamic landscape, with the US and EU leading in global developer headcount. However, growth is evident in India despite a noteworthy decline in new entrants to the field.
Salaries vary, correlating with crypto market trends and job openings. The market remains very dynamic, with high volatility, changes in market interest levels, and a clear correlation with crypto prices.
Despite the decentralized nature of blockchain, the majority of jobs are still office-based. As this industry continues to grow and evolve, we can expect fluctuations in geographic distribution and compensation, making it an exciting space for developers to be a part of.
A blockchain developer is a type of software developer who specializes in creating applications for the blockchain technology. They are responsible for the full life cycles of blockchain applications. Their job starts from research and analysis and ends in the design and execution phases.
In the US, a blockchain developer earns an average gross salary of $96,850 per year.
As of 2023, most blockchain developers are based in North America or the European Union, each hosting 29% of the total. India has 8% and the United Kingdom has 7%. Latin America and Africa lag behind with 5% and 4% respectively.
Yes, there appears to be a correlation between crypto prices and new development jobs in the blockchain sector. Blockchain job openings tend to peak when crypto prices are high.
Contrary to what one may assume, only 42% of blockchain developers jobs are remote-based. The majority of positions still require office-based work.