Although jobs in the crypto sector decreased by 10% last year, the number of developers is increasing by +90% from 2020.
Crypto Jobs: Number of Positions Dwindling, but Cryptocurrency Developers Rising
Looking at the crypto job market, two reports have come out that show different results.
Indeed, looking at K33 Research’s study, it seems so The crypto sector saw a 10% drop in employment last year. In particular, the industry employs about 190,000 people today, compared to 210,000 in 2022.
Of all crypto workers, about 60% work for companies involved in trading and investing. Only 6% of workers are involved in the NFT sector, while 21% participate in blockchain protocols, analytics and mining activities.
Meanwhile, the semi-annual report prepared by venture capital firm Electric Capital Talk about the rise of crypto developers.
Basically, This occupation has +90% growth compared to 2020. Not only that, the number of monthly active developers was 21,300 as of June 2023, +25% over the same period in June 2021, nearly five months before Bitcoin reached its ATH – above the all-time high of $69,000.
Crypto activity and reaction to market trends
Obviously, managing crypto jobs is, to some extent, Market trends that influence the behavior of industrial companies.
Indeed, the “Long Crypto Winter” of 2022 has seen more like this CoinbaseBlockFi, Crypto.com, Gemini, and Robin Hood Implement a layoff strategy To streamline their operations by reducing staff costs.
The only company Bucking the trendAs reported by K33 Research, there appears to have been Binance. As early as January, the web’s most popular crypto exchange announced a 30% growth in hiring through 2023.
Another important influence for crypto work concerns Restrictions About cryptocurrencies in different countries.
In this regard, K33 Research has broken down geographic regions by number of crypto workers:
- about 30% Out of 190,000 crypto workers Living in America;
- Asian and Australian regions Estimate approx 35% of the global cryptocurrency workforce;
- 20% of the Asian workforce is in IndiaSurpassed China;
- Europe 24% Global crypto jobs, United Kingdom leads with 13,000 positions.
An in-depth look at the crypto developer position
Going back to Electric Capital’s report, it seems The numbers associated with the crypto developer’s estimate are “fluctuations”.
In fact, although the current results are higher than other years, There was a decline last yearIt is estimated at 22%.
Most contributing to the decline are identified as “New Developers” That is, those who have been working on cryptocurrency projects for less than a year.
On the contrary, it is the developers who work At least one year in industry Who continues Commit the most code.
Specifically, this category includes “Emerging Developers” Those who have been active for one to two years, and “Established Developers” Those employed for more than two years.
According to the report, newcomers enter the cryptocurrency space at market peaks and leave it during bear markets.
Veteran developers, on the other hand, remain mostly in place, maintaining a 60% dominance even after market peaks..