New research has indicated that despite the extended cryptocurrency bear market, engineers in the sector are still earning marginally high compared to peers in the technology space. However, crypto engineers from select regions are making more than their counterparts.
In particular, in 2022, engineers in the United States and Canada engineers are taking home an average salary of $177,653 while the region’s median salary stands at $165,500, Pantera Capital research published on December 6 indicates.
The average salary for European blockchain developers is $112,476, with the median wage coming in at $93,870. Asia’s median wage stands at $85,000. Interestingly, Asian engineers earn twice less than North American counterparts at $70,919 on average.
Global blockchain salaries
Additionally, the research overviewed the average base salary for India, where blockchain engineers earn $68,310 on average, with the median package at $23,293. The findings also noted that the global Web3 and blockchain average base salary stands at $128,606.
The findings are based on 15 geographically distributed startups within the crypto sector space, and the companies survey have a workforce of between five to 115 individuals, with a majority at 87% based remotely. For engineers, the survey sampled feedback from 224 crypto engineers globally.
“On average, professionals in the crypto-asset industry make significantly more than their peers in Web2. <…> We acknowledge that salaries change fast in the Web2 space, and we know firsthand that Web3 salaries tend to change even faster,” the researchers indicated.
Influence on crypto business
In this case, the study noted that the establishment of crypto businesses in Asia and Europe could be due to the affordability of labor. The researchers pointed out the crypto industry salary variance could inform regions that companies in the space most prefer.
At the same time, the cheap labor in the Asian market is forcing developers to look abroad for opportunities, mostly leveraging the shift to remote working.
Elsewhere, the bear market appears not to have deterred interest in crypto-related ventures. In this line, a Findbold report in July indicated that about 50% of gig workers prefer getting paid in cryptocurrencies.