How Much Does It Cost to Hire a Blockchain Developer [You Can Afford It]

Providing Your Business with a Blockchain Advantage

One of the latest buzzwords in this world is “blockchain”. That's what you came here for, right? If you are serious about taking the plunge into the topic, this decision will certainly give you a head start over the competition. Just have a look at the latest data on how blockchain is conquering the world:

• Worldwide spending on blockchain software development reached $6.6 billion in 2021. (Statista)
• As of October 2022, around 278,000 Bitcoin transactions were conducted per day. (YCharts)
• There were over 84.7 million blockchain wallet users worldwide as of October 6, 2022. (Blockchain.com)
• The banking sector is the biggest player in the blockchain market. (Statista)
• In 2021, experts estimated the blockchain technology market at $5.85 billion. By 2030, they predict it will reach $1.2 trillion, growing by 82.8%. (Statista)

And to bolster your confidence even further, here are just a couple of the major perks for blockchain advocates:

• You'll be at the forefront of innovation. Since blockchain technologies are still very young, they are constantly pushing the boundaries. And being part of that universe means you'll always be learning about the latest breakthroughs and developments.
• You'll get the opportunity to work with the brightest minds in the world. The blockchain industry attracts some of the smartest and most ambitious people from all over the globe. By collaborating with them, you and your business will grow at double speed.
• You'll have a chance to make a fortune. With the right team and project, you could see your profits grow exponentially. And as the industry matures, there will be even more opportunities to cash in on your investment.

Must-Have Skill Set for the Best Blockchain Developer

So, you've decided to turn your business toward blockchain app development. But the decision alone is not enough to start building a product. First, you need to find one or a few  blockchain engineers with relevant skills that combine technical expertise with a keen understanding of business and economics.

To make your life a bit easier, we've prepared a rundown of the key skills you should look for in candidates:

• Extensive knowledge of blockchain technology;
• Solid expertise in building blockchain-based products;
• Hands-on experience with multiple blockchain platforms, like Ethereum, Hyperledger, and Cardano;
• Deep knowledge of relevant programming languages used in writing blockchain code (Java, C++, Rust, Python, and Ruby);
• Vast experience in developing smart contracts and working with blockchain protocols;
• Strong foundation in cryptography, computer science, and mathematics;
• Thorough understanding of algorithms and data structures;
• Proficiency in distributed systems, peer-to-peer networking, and security;
• Ability to think outside the box and solve complex problems.

The more of these skills a candidate has, the brighter the results await you in the future.

What Factors Add Cost to Blockchain Development

If you think that only a person's skills and professional experience affect the cost of hiring, we'll have to disappoint you. In fact, there are a zillion other factors to take into account.

But don't panic! We're not going to make you read a thick manual. Just a few general guidelines to get you up to speed. Who knows, maybe you'll save a bundle of bucks by timely recalling one of them in the future.

Size and Complexity of the Project

Of all the factors that influence the amount you have to pay for hiring blockchain developers, project size and complexity are the most significant. Simple blockchain apps may require only a few weeks of work, while complex solutions can take months to complete. Generally speaking, the more complicated the project, the more expensive developers you'll have to hire.

Application Industry

The cost of blockchain experts also depends on the field in which the developer works. For example, specialists involved in projects for the financial industry tend to command higher salaries than those who create products for healthcare. This is because the financial sector is more willing to pay top dollar for cutting-edge technology and higher level of security.

Blockchain Platform

Selecting the right development platform is crucial to the success of your blockchain project. It affects not only the cost of a product, but also its speed, security, and scalability. Some of the most popular services are:

• Ethereum;
• Hyperledger Fabric;
• Corda;
• Stellar;
• Avalanche;
• IBM Blockchain;
• Polkadot.

Employee Location

The price of employing a blockchain developer varies depending on where your employee resides. Quite naturally, you will pay more for work in places with a high cost of living than for work in less demanding locations.

This infographic below provides more insights into how the cost to hire blockchain developers ranges from place to place.

Annual Salaries in Various Parts of the Globe Based on Experience Level

As you can see, the labor cost of a blockchain developer in the United States is significantly higher than in other countries. Talent.com confirms this fact in its latest study: in the US, a blockchain specialist makes $73 per hour, $11,900 per month, and $143,000 per year. This is to be expected, as the US is one of the most expensive countries for living.

Skills and Experience

Experience and skills of the specialist you want to hire also influence the cost. If you're looking to employ a high-end professional, you can expect to pay a premium. However, if you are open to dealing with a less experienced software engineer, you can find more affordable options.

Average Cost to Hire a Blockchain Developer

Here we get to the heart of the matter — how much cash you'll have to shell out for a blockchain developer.

There are several variants you can opt for, differing in the final price. Let's move on to the first one — freelance blockchain developers.

Employing a Freelance Blockchain Developer

In the world where Upwork, Fiverr, and Freelancer.com exist, you can easily find and hire developers from all over the globe. In this case, there is no need to go through a costly and time-consuming hiring process, and most of all, it's possible to find a few affordable and quality professionals. However, this option works best for small projects that don't require a long-standing commitment from either side.

Price:

• $30–$59 per hour (Upwork)

Benefits you reap:

• Cost savings. When you hire remote developers, you pay only for the hours they work on your project.
• Flexibility. A freelancer can often work around your schedule for as long as you need.

Any drawbacks?

• Quality. It can vary wildly, so it's crucial to do your homework and read reviews before hiring anyone.
• Lack of expertise. Since blockchain technology is still in its infancy, there aren't many experienced developers to choose from. Hence, you may have to pay more for a top-tier freelancer.

Outsourcing a Blockchain Development Team

Despite the flexibility of hiring a freelancer, the best way to find talented and dedicated blockchain developers is to reach out to a blockchain development company. There, you can be sure you will get first-rate developers who are experts in the field. Plus, you'll have the peace of mind knowing that your project is in safe hands.

Price:

• Junior specialist — $115K per year
• Middle specialist — $124K–$143K per year
• Senior specialist — $153K per year

Benefits you reap:

• Cheaper than an in-house team. Maintaining an entire full-time development team is fraught with monetary issues. Besides salary, you have to think about health insurance and other benefits you need to cover. But if you resort to an outsourcing company, all that becomes their headache. 
• Wide choice. Outsourcing a development team can help you tap into a vast pool of talented specialists eager to build a top-notch solution for your business.
• Accelerated development process. A whole crew of skilled developers can quickly create and test prototypes and iterate on your first blockchain offspring until it is ready for production.
• Safe environment. Working with a team of qualified engineers can help ensure that your blockchain applications are secure and compliant with all relevant regulations.

Any drawbacks?

• Too many options. It can be challenging to find a reputable and experienced development team on the first try.
• Cost. This employment scenario can be quite expensive for small businesses and startups, and if you're not careful, you may end up going over budget.

But despite these potential drawbacks, outsourcing is still a great way to get your blockchain project off the ground. And the cost of such an investment is often worth it when you consider the time and effort it would take to build a team from scratch.

Is It Really about Money?

Many people say blockchain technology improves the quality of our lives and will undoubtedly change the world for the better. Guess who surely believes that and is committed to making it true? Developers.

The brightest of them are already millionaires. And money is not the thing that will drive them into taking part in your project. The opportunity to put their hands on something game-changing is what can help.

So, here's the secret formula for your success:

Revolutionary product + desire to make life better for others = 5-star blockchain team at an affordable price.

It’s wrong to simply search for the answer to the question “How much does it cost to hire a blockchain developer?” Professionals in this field will be more concerned not with the number of characters after the $ symbol, but with the results this figure can deliver to the world.

Got a brilliant idea for a blockchain product and need a software company to implement it? Look no further than Qulix Systems! Contact us today to learn more about our blockchain development services and how we can help you bring your vision to life.