How Much Does It Cost To Hire A Blockchain Developer?

Is the blockchain developer salary measured in money only?

Blockchain is an innovative technology. And, you know, when these words “technology” and “innovative” are put together, costs tend to be sky high. But so are the opportunities. And profits. Just take a look at TokenData news and the highest amount raised ($230B by Tezos) since 2017.

Put it short, recruiting a talented blockchain developer isn’t going to be any cheap because an average blockchain developer salary approaches that of the top management in the companies these engineers normally get hired by. But it still can be a bargain of a century given the opportunities that such a specialist provides an access to.

How much does it cost to hire a web developer that can do a blockchain? Well, there is no simple answer. A myriad of factors has to be taken into account. But it’s reasonable to learn what are they and make sure you know how to use them for your own benefit because a pack of bucks can be saved here.

Economic Background 

For now, blockchain for developers is like driving for teenagers – all of them know what it’s about, many of them even have tried but only a few are really good at it.

With the bitcoin – the first blockchain offspring – being launched in 2009 and the potential of the approach remaining unseen for another a couple of years, the industry simply hasn’t got enough time to grow a generation of blockchain experts.

Of about 20 million software developers in the world, only approximately 0,1% know what a blockchain code looks like. The number of those who are skilled and experienced enough to deliver the high-quality product is no more than 6,000. 

Hence, the short supply.  

On the other hand, the success of bitcoin and ethereum, as well as smart contracts, decentralization capabilities, security and other advantages of the blockchain ensure the exponential growth of interest.

Porsche plans to use the technology to give owners more convenient and more secure access to their cars from an app in the nearest future. They are also going to involve blockchain developers in the autopilot engineering. 

The governments of GeorgiaSweden, and a couple of other countries are currently testing the blockchain as a land registration means. 

Not to mention countless cryptocurrency crowdfunding campaigns whose popularity has grown immensely over the last years and whose success depends greatly on the work of a blockchain developer.

Hence, the high demand.

Applying the basic economic rule, the high value can be derived. As of 2017, the average annual income of an adept blockchain developer was $150,000-$200,000. Double that figure for a pro. Triple, for a world-class specialist. Hourly payment ranges hugely, from $40 up to $200 and higher.

Cost-Cutting Trick 

The average cost of software development depends on not only the experience of developers, their number or the total of logged hours. The geography matters. And the employment type, too. 

Blockchain specialists, much like the programming itself, are the most expensive in North America (over $200 per hour). Searching in Western Europe, you can find more affordable developers ($100-$150). 

Moving farther East, to the well-known IT hubs such as Ukraine, Poland or Bulgaria, you can further cut your hourly spends, down to $70-$100. 

The least expensive developers are, as usual, located even farther East — India, where you can hire a blockchain developer for as much as $40 per hour. 

As a matter of fact, over 80% of blockchain engineers live overseas. The quality of their code may indeed be a bit lower, but the main reason why they charge less is that they live in just a different economic climate. 

The figures stated above are true for the full-time employees. With a freelance engineer, costs tend to be slightly lower. Hence, if you don’t need anything of a team-building nature and the good code is the only requirement, then a remote freelancer is an option. 

There are a lot of hiring options you can choose from when looking for a blockchain developer. Such portals as Cryptohire DREAM, or XPlace can help you to find the right guy and evaluate all the pros and cons of your choice as well as to learn more about their completed projects in blockchain. But what is also important is to figure out what kind of employment you’re interested in. Depending on whether you are looking to extend your in-house staff, hire a freelance blockchain developer, or contract a consulting firm, here are several ideas to help you with searching for the best candidate. 

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Girls are in

Blockchain is progressive. Hiring women for what is used to be done primarily by men is considered progressive, too. The sole fact that a development team consists of girls only or that the team lead is a woman can make an excellent ad in the present-day business. 

However, it means extra spends. Massive spends, in case of the blockchain development. Although high salaries and the prospect of being a star in the software development community inspire more and more female IT specialists to ask themselves how to become a blockchain developer, it’s not often when they succeed in transforming into one.

Experienced she-engineers do exist, but their number is so low and the demand is so high that it’s possible to spend a million a year hiring one. And it’s not that easy to find her in the first place. 

So far, there is not a single hiring platform for female developers. But there is a full lot of related communities that can help with the search. 

Money is not Everything

Many believe that blockchain will change this world for the better and the majority of those who do are actually those who code. At the same time, top-end blockchain developers have already become millionaires. It’s almost impossible to entice them with money only. The opportunity to participate in something great is what can do the trick.

If your project is revolutionary; if you really want to change something rather than just scrape up a fortune, then you will very likely be able to attract the five-star talent even without heavy expenses. 

So the question “How much does it cost to hire a blockchain developer?” may be just a wrong one. Given the perspectives and potential of the technology, those who know how to properly apply it will very likely be interested in what the $ figure cannot provide. 

Author: Helen Petrashchuk, Partner at 4ire Labs.

About Our Partner Vendor

4IRE Labs (ex Seductive Mobile) works since 2011. During that time there were several pivots from product startup, to advertising tech leader in Ukraine, to the international mobile development company. Now they’re focused on decentralization & blockchain solutions and selected to Improve Economies with Tech as our mission.

 

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Helen Petrashchuk

Helen Petrashchuk

Partner at 4ire Labs. Helen has 4+ years experience in Business Development, Sales, Marketing, and Project Management. She was running an own business in Europe for more than 4 years which helped her to gain a good understanding of the business issues before starting any kind of projects/ companies in the IT industry.

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