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In 2023, salaries for blockchain engineers experienced a decline due to challenging conditions in the industry, including layoffs and reduced hiring by companies.
A recent report from NodeFlair indicated that nations focusing on startups and large technology firms saw more significant reductions in blockchain engineer salaries. This underscores the influence of the broader economic and business environment on pay scales within this sector.
In Singapore, the report revealed a year-over-year decrease of 5.4% in blockchain engineer salaries. On average, junior engineers earned 6,750 SGD, while senior engineers received approximately 10,000 SGD. Likewise, blockchain engineer salaries in India saw a drop of nearly 6%.
Source: NodeFlair
“Unlike the previous two years, when technology salaries saw significant increases, there is now a general decline in salaries for various tech roles,” the firm noted. Nonetheless, the report recognized that compensation levels are still higher than those recorded in 2021.
Complex Downturn Behind Blockchain Salary Reduction
The noted decrease in salaries is attributed to a combination of factors. Job cuts, hiring freezes prompted by regulatory actions against major cryptocurrency exchanges Coinbase and Binance, and the collapse of FTX last year have notably affected compensation levels.
Additional factors include waning interest in the metaverse and an extended downturn in the cryptocurrency market. A general slowdown in hiring within the tech industry followed a phase of pandemic-induced growth, further contributing to this trend. Moreover, a lack of venture capital funding in Southeast Asia has intensified these issues.
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For instance, Chinese Bitcoin mining equipment manufacturer Bitmain had to postpone salary payments due to cash flow difficulties.
AI & Data Science Expertise in High Demand
Simultaneously, software engineer salaries also declined, although the drop was less severe than that seen for blockchain engineers.
According to NodeFlair, a significant trend for the upcoming year is the ongoing increase in demand for skills in artificial intelligence and data science. The requirement for professionals proficient in machine learning, natural language processing, and data analysis is expected to grow substantially.
Software engineers with a solid grounding in these domains are likely to be in high demand. Companies are expected to focus on incorporating AI technologies into their fundamental operations.
US Crypto Salaries Outshine Others
A comparative analysis conducted in March highlighted a trend where US-based cryptocurrency firms provide higher salaries across various job roles and experience levels compared to their international peers. The survey revealed that US crypto salaries exceed those offered abroad by an average of 13%, with equity and token-based compensation packages being 30% more favorable in the US.
The post Blockchain Engineer Salaries in Asia Drop by More Than 5% appeared first on Cryptonews.
