Developers are leaving the crypto sector in large numbers

A new research of Electric Capital has looked at the developments regarding the number of developers within the crypto industry. Not entirely against the surprise, the data paints a negative picture of the past year, but how bad is it really?

Crypto developers heading for the exit

First of all, the research concludes that the number of new developers entering the crypto land has dropped by almost 50 percent in the past year. The report notes that this drop in new entrants is due to last year’s bear market. The dominance of the number of new developers within the bigger picture is generally at a peak several months after the market’s peak.

On June 1, the crypto ecosystem would have an estimated 21,300 monthly active open sourcedevelopers count. In one year, the total number of developers has decreased by 22 percent.

Electric Capital also states that the long-term coders, who have been in the industry for more than a year, commit more code and work more hours than the developers who packed their bags.

Those developers who have left the industry are classified as new entrants who have been in the industry for less than a year. The mass departure therefore seems to have little impact given that this group was responsible for less than 20 percent of all code commits in the past 12 months.

While 7,700 ‘newbies’ have left the industry in a year, the more experienced developers have actually increased. Indeed, the number of emerging developers, who have been in the industry for up to 2 years, and established developers, who have more than 2 years of experience, have increased by 1,650 and 150 respectively.

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Decline in crypto employment

Earlier today you could also read in the crypto news that the total number of employees within the crypto landscape is currently a lot lower than during the booming bull market. The industry currently has about 190,000 employees, while the counter will almost reach 211,000 in 2021.

More specific data indicates that the majority of the crypto workforce is located at the crypto exchanges. In addition, there is a clear dominance of the Western world with a total of 55 percent of employees in North America and Europe.

Remarkably, China, known for its hostile attitude towards crypto, was the second most popular destination for workers in Asia.

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