Around 70,000 people are currently employed in the young and growing crypto industry in the Russian Federation. The average salary in the space has fallen by 40 percent this year, along with cryptocurrency prices. Nevertheless, the monthly remuneration for certain skills remains very high for Russian standards.
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Salaries in the Crypto Sector in Russia Fall by 40%
The average monthly payment in the Russian crypto industry has fallen by 40 percent from the 2017 levels, according to data released by the recruiting platform hh.ru and quoted by Izvestia. Employers are generally paying less for securities analysts, project managers and legal experts – 100,000 rubles (~$1,600 USD). PR specialists, on the other hand, are still in high demand. Despite that, the salaries offered for these experts have fallen by 50 percent – from 800,000 rubles (>$12,000) in December to 400,000 rubles now (>$6,000) – still a very high wage for Russian standards.
Experts explain the downward trend with the bearish crypto markets this year and the cooling interest towards cryptocurrencies like bitcoin. Nevertheless, hh.ru reports some 100 new vacancies posted by crypto and blockchain companies in the first half of 2018, which indicates a stable demand for expertise in the sector. Beside PR specialists, fintech businesses are also willing to offer good salaries to tech directors – up to 600,000 rubles ($9,500), and software developers – 300,000 rubles (almost $5,000).
The average salary in the crypto industry in the first half of this year is estimated at 169,500 rubles ($2,700). Towards the end of 2017, it was reaching 292,000 rubles ($4,600). In comparison, the directors of various departments in Russian ministries and their deputies receive between 200,000 and 800,000 rubles, or approximately $3,000 to $12,000 USD. According to Rosstat, the country’s statistical bureau, the average monthly payment in the Russian Federation was 41,800 rubles, or $663 USD, as of May 2018.
70,000 Russians Employed in the Crypto Industry
According to the Russian Association of Cryptocurrencies and Blockchain (RACIB), around 70,000 Russians are currently employed by companies operating in the crypto space. Most of them, however, are getting paid in fiat currency. RACIB’s director, Arseniy Shcheltsin, claims the demand for some experts is still growing and their salaries can increase by 10 percent. The average remuneration for programmers and software developers in 2017 was reaching 360,000 rubles per month ($5,700), and now it’s between 150,000 and 350,000 rubles ($2,400 – $5,500 USD).
An important factor that has to be taken into account is the drop in the capitalization of most cryptocurrencies since the beginning of the year that has led to shrinking corporate budgets. The price of bitcoin (BTC) has fallen from its all-time high of almost $20,000 in December, 2017 to below $6,000 in the first half of 2018. The recent upward trend, however, may change the current situation. Another trend influencing the labor market in the sector, according to experts quoted by Izvestia, is the requalifying of many specialists from other related industries seeking better employment opportunities in the crypto space.
Do you think salaries in the crypto sector will start rising again with crypto prices? Share your expectations in the comments section below.
Images courtesy of Shutterstock, Michael Novogratz (Twitter).
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