How Much Does It Cost To Hire A Blockchain Developer

As time progresses more and more companies are coming on board with the idea of blockchain technology. More and more businesses are integrating their businesses with this technology. Although most people think about bitcoins whenever blockchain is mentioned, it however has multiple functions. It can be used to improve security, manage employees, execute contracts, and develop more efficient payment methods and more.

Today we will talk about the cost of hiring a blockchain developer. If you are looking to hire experienced blockchain developers, you may hire from kryptomind.com This is a highly curious topic these days since most businesses have benefited highly from integrating with blockchain.

US Blockchain Developer Salary

As you might expect, the United States is going to be one of the world’s biggest tech hubs. According to Recruited, blockchain developers are most in demand in the San Francisco Bay Area and New York, which is what anyone can expect. Now, amid the fast demand growth for blockchain skills, blockchain developers they are not cheap to hire.

Cryptocurrency Jobs estimates that the average blockchain developer wage in the US is $136k per year, with the lowest base at about $70k and the highest even above $200k. Freelance-wise, hourly rates for US-based blockchain developers vary from as low as $50 to $160. One might debate the actual reasons behind this difference in the same industry, but sometimes it’s hard to say whether anyone is under or over-confident. Therefore, a trial and error approach is needed in order to find the diamond in the rough.

UK Blockchain Developer Salary

Since the UK is still considered one of the major tech hubs you’d think it has a lot of blockchain opportunities to choose from, but somehow the truth is a little different. How do the blockchain developers’ wages look like in the country off the northwest coast of the mainland of Europe?

According to ITJobsWatch, the average annual in-house pay rose from £75k to £92.5k in just two years, with the 10th percentile remaining at about £72.5k and the 90th — at £122k. Input positions will range from £30k upwards. When it comes to contacter work, daily rates vary from £500 to £700.

That would look fantastic if the same resource did not see a dramatic decrease in the number of permanent in-house roles as well as in the number of contractor jobs in the UK. After 2018, the number fell from 405 to just 35 job offers and from 93 to only 5 job offers. Analyzing the results, we can also presume that most, if not all, of them come from London, which makes sense as it is considered to be one of the largest IT hubs in the world.

UAE Blockchain Developer Salary

When one talks about the UAE and IT, most will think straight away of Dubai, famous for its impressive towers, artificial islands, massive shopping malls, hotels and all the insane technology. It’s fair to say that many won’t say “no” to a chance to go and work there. But the question is, again, what of the salaries?

Ok, according to the wage explorer, the average annual salary will be about 200k AED, which is approximately $54k. As you can see, the gap between the three markets is very dramatic.

Europe Blockchain Developer Salary

Third but not least, Europe. I’m not going to dive into each country and work on an average basis. There is only one thing to mention: since the equation will include wages from Easter Europe, for example, we will see quite a difference between both the lowest and the highest numbers. Cryptocurrency Employment predicts the average annual wage to be about €72k, the lowest being around €34k and the highest — about €105k.

Cost of Outsourcing

As you can see, the salary of a blockchain developer varies depending on the area in which you work. What must be considered, however, is that the above are just wages. You’re probably aware that recruiting is not a magic spell and entails a lot of other costs: from operating the hiring campaign to hiring wages, to hiring wrong applicants and thereby wasting extra money and time, and other factors I haven’t listed above. That’s why a lot of businesses plan to outsource their construction work to other off-shore or near-shore companies. Remember I said there was a dip in wages for Eastern European developers? On average, the hourly-rate for powerful mid-senior developers will be between $40-$55.

What is worth noting is that within that price range, you pay, in turn, not only for the developer himself, but also for access to the expertise of outsourcing firms, a large pool of developers with various software stacks, as well as an opportunity to trade the developer if, for whatever reason, it does not deliver without all the costs you would otherwise have to pay for firing and recruiting a new in-house. COVID-19 era has shown that remote work isn’t that big of a deal when it comes to productivity, and since those outsourced blockchain developers will still be controlled by their businesses, you’d kind of have a double layer of budget security.