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Blockchain Job Salaries in China Dropped 37%, Demand for Professionals on the Increase

The average salary offered to blockchain jobs in China has fell by 37% in 2019 compared to the previous year, a latest report says.

According to the Report on China Blockchain Professional Development 2020 jointly released by blockchain information service platform Interchain Pulse and headhunting agency Liepin, an average blockchain developer salary stands at 356,000 yuan ($50,000) in 2019. To compare, a software engineer of the internet industry in the country makes 269,000 yuan ($38,000) in annual salary on average.

Compared with the peak salary in the blockchain sector in 2018, the average salary offered by blockchain companies in 2019 dropped 37%, which has become basically the same as the average salary in the Internet industry. It indicates that the industry is becoming more rational after the blockchain frenzy over the past two years.

While jobseekers’ salary expectations are still quite high in 2019, with the most (22.8%) asking for an amount ranging from 500,000-1,000,000 yuan ($70,000-$140,000).

The fact is that most blockchain practitioners (43.3%) in the country are offered an average annual salary between 200,000-400,000 yuan ($28,000-$56,000) in 2019, and only 15.15% could make 500k-1 million yuan ($70,000-$140,000), according to the report.

Although blockchain salaries significantly declined, the demand from various industries for blockchain talents is on the rapid increase. Data shows that there have been 36,224 blockchain companies registered in the country by 2019, among which more than 3,000 were registered in two months after President Xi’s blockchain endorsement.

While companies’ actual needs for blockchain talents can hardly be met though piles of applications flood in, as a result of the lack of high-end professionals.

The report points out that 70% of blockchain openings are filled by internet-turned and finance-turned talents. In face of the fact that actual needs can hardly be met, especially after the country’s president called for accelerating blockchain adoption, efforts in talent cultivation have to speed up.

According to the report, there have been 33 universities in the country opening up blockchain-related courses, including prestigious ones like Tsinghua University, Peking University, Fudan University and Zhejiang University. Earlier this month, China has approved the country’s first Blockchain Engineering undergraduate degree.

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