Bitcoin and blockchain jobs are booming — and they pay well

Research shows that employers are working to find more talent in the blockchain space, and they're willing to pay higher rates for it.

  • A study by Glassdoor found that demand for blockchain work has risen 300% since last year.
  • Glassdoor reported the median starting salary for blockchain job openings was over $32,000 higher than the median US salary, an increase of 61.8%.
  • Despite the issues in the current crypto market, blockchain technology appears to have a bright future.

For those in the United States, the economy continues to push forward full steam ahead. According to a recent jobs report from the Bureau of Labor Statistics for the month of October, the US economy added 250,000 jobs to reach an unemployment level of 3.7%, extending a record streak of 97 consecutive months of growth. That's great news for Americans in the job market as unemployment maintains a steady 49-year low; however, there's one area of the economy that's seeing even more growth: blockchain-related jobs. A recent study from Glassdoor found that blockchain-related job openings in the US have increased 300% compared to last year and that the salaries are growing too. Even with the drastic price drop in bitcoin and other cryptocurrencies, those with blockchain skills are a hot commodity in the tech workforce.

Growth in demand

Glassdoor's study found a significant increase in demand from employers looking for talent in the blockchain space even after the price of bitcoin dropped dramatically. As of August 2018, the website reported 1,775 unique blockchain-related job opening in the US. That number represents a 300% year-over-year increase from 2017. The good news for those in the workforce is that the numbers remained essentially unaffected by bitcoin price volatility.

During the so-called "crypto-mania" bull run that occurred during the end of 2017, Glassdoor calculated unique position openings in the range of 695 - 748, compared to the current openings which more than double that. Regardless of the volatility in the markets, employers are still seeking talent in the blockchain space like never before. Further contributing to the data is Upwork's Q1 2018 Skills Index, which ranks the 20 fastest-growing skill sets for freelancers and companies looking for contractors. According to the report, blockchain was the number one fastest-growing skill set.

Job compensation

Besides a growing number of employers looking for blockchain talent, there's more good news for those in the space: the pay. While those with technical skills already tend to command higher than average salaries, job openings in the blockchain space are offering significantly higher salaries than most others.

Glassdoor reported the median starting salary for blockchain job openings was $84,884 compared to the median salary in the US of $52,461. The difference in salaries is substantial, to say the least, at over $32,000 higher than the median US salary, an increase of 61.8%. The burgeoning field in the tech sector is offering such high salaries for a few reasons, including the lack of available talent in blockchain and the locations of the jobs themselves, with major metropolitan areas topping the list of locations for job openings.

Location and skills

upload.wikimedia.org

Golden Gate Bridge

One of the reasons for such high starting pay with job openings is due to where the jobs are located. As is often the case with the tech world, major cities like New York City and San Francisco top the list of American cities with blockchain job openings, followed by expected locations like San Jose, Chicago, Seattle, Boston and Los Angeles. Outside the United States, other international hubs are seeking blockchain talent as well. London, Singapore, Toronto, and Hong Kong claim the top of the list for blockchain job openings in the international job markets. The variety of companies looking for workers in the space is huge as well, and companies such as IBM, Facebook, JPMorgan and many others are only a few of the names in the mix. With higher average cost of living, larger salaries are a way for companies to incentivise talent to come to them, but what type of talent are they looking for?

Chai Shepherd is an advisor to the Resto project, a blockchain solution for food services, and Co-Founder of PLAAK, a project aimed at making blockchain implementation easier. He is a well-known crypto investor and has a lot of experience finding new talent. Through his experience in the industry, Shepherd has noticed particular skills that stand out to employers and innovators and knows that it's not always easy to find skilled developers.

"Blockchain companies are looking for Internet-of-Things (IoT), Java, Javascript, C++, and Golang developers, as well as for those with knowledge in cryptographic algorithms. However, developers are getting harder to find as a lot of this type of work is mainly research and development (R&D) that's not normally required in a technology organization. Universities are currently teaching solidity code, but I feel that there is more to blockchain than just ETH solidity smart contracts."

Also included in Glassdoor's research is the type of talent employers are looking to attract. According to the data, software engineering is the most sought-after occupation, which is unsurprising as more companies look to implement blockchain technology into their platforms. Software engineer listings alone accounted for nearly 20% of all job opening postings on Glassdoor related to blockchain technology. Other sought-after positions included analyst relations manager, product manager, front-end engineer, and technology architect, though all in the single-digit percentages of openings.

So, what does all this mean? For starters, insights from Glassdoor show that even with the hefty volatility of bitcoin and other cryptocurrency prices, blockchain technology appears to be staying relevant. In fact, listings for blockchain-related job openings have only increased (by a lot) after the drastic decline in the cryptocurrency markets. That's good news for those interested in the field of study and work.

Additionally, the research shows that employers value knowledgeable individuals enough to offer much higher starting pay for those with the know-how to help implement blockchain technology.

For a nascent industry like cryptocurrencies, the research comes not so much as a surprise, but as an affirmation for the future of the industry to come. What we're seeing happen is following a similar pattern in the tech world for those with artificial intelligence (AI) and machine learning skills. Though the regulatory status of cryptocurrencies remains unclear in the US, the growth in the industry related to the underlying technology is not. Looking forward, the blockchain industry is poised to continue its rapid growth.

Befriend your ideological opposite. It’s fun.

Step inside the unlikely friendship of a former ACLU president and an ultra-conservative Supreme Court Justice.

Sponsored by Charles Koch Foundation
  • Former president of the ACLU Nadine Strossen and Supreme Court Justice Antonin Scalia were unlikely friends. They debated each other at events all over the world, and because of that developed a deep and rewarding friendship – despite their immense differences.
  • Scalia, a famous conservative, was invited to circles that were not his "home territory", such as the ACLU, to debate his views. Here, Strossen expresses her gratitude and respect for his commitment to the exchange of ideas.
  • "It's really sad that people seem to think that if you disagree with somebody on some issues you can't be mutually respectful, you can't enjoy each other's company, you can't learn from each other and grow in yourself," says Strossen.
  • The opinions expressed in this video do not necessarily reflect the views of the Charles Koch Foundation, which encourages the expression of diverse viewpoints within a culture of civil discourse and mutual respect.
Keep reading Show less

Physicists find new state of matter that can supercharge technology

Scientists make an important discovery for the future of computing.

Pixabay
Surprising Science
  • Researchers find a new state of matter called "topological superconductivity".
  • The state can lead to important advancements in quantum computing.
  • Utilizing special particles that emerge during this state can lead to error-free data storage and blazing calculation speed.
Keep reading Show less

Physicist advances a radical theory of gravity

Erik Verlinde has been compared to Einstein for completely rethinking the nature of gravity.

Photo by Willeke Duijvekam
Surprising Science
  • The Dutch physicist Erik Verlinde's hypothesis describes gravity as an "emergent" force not fundamental.
  • The scientist thinks his ideas describe the universe better than existing models, without resorting to "dark matter".
  • While some question his previous papers, Verlinde is reworking his ideas as a full-fledged theory.
Keep reading Show less

How to heal trauma with meaning: A case study in emotional evolution

As tempting as it may be to run away from emotionally-difficult situations, it's important we confront them head-on.

Videos
  • Impossible-sounding things are possible in hospitals — however, there are times when we hit dead ends. In these moments, it's important to not run away, but to confront what's happening head-on.
  • For a lot of us, one of the ways to give meaning to terrible moments is to see what you can learn from them.
  • Sometimes certain information can "flood" us in ways that aren't helpful, and it's important to figure out what types of data you are able to take in — process — at certain times.
Keep reading Show less