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.

Put it short, recruiting a talented blockchain developer isn’t going to be any cheap, but if you manage to get one, earnings will be significant.

Economic Background

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.

Among 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 advantages of smart contracts, decentralization and security that the blockchain platform provides, ensure the interest growing exponentially.

Porsche plans to use the technology to give owners more convenient and more secure access to their cars from app in the nearest future. They are also going to build a self-driven car with the software based on the blockchain algorithms.

The governments of Georgia, Sweden, 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.

Hence, the high demand.

Applying the basic economic rule, the high value can be derived. As for 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

Experience is not the only thing determining the cost. Geography also matters. And the employment type, too.

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

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

The least expensive developers are, as usual, located even farther East — India, where you can find 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 because they live in just a different economic climate.

The figures 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 request, than a remote freelancer is a sensible solution.

Girls Are In

Blockchain is progressive. Hiring women for what is used to be done primarily by men is considered progressive, too. The 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. 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 communities of the sort, where you can try to 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 top-end 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.