According to Electric Capital’s calculations, the number of active crypto developers in December 2022 stood at 29,611 individuals. However, by December 2023, this figure had dropped to 22,411. Despite this decline, there has been a rise in the number of experienced developers who have been actively contributing to blockchain development for more than a year. In January 2018, the number of blockchain developers was a mere 2,500, but by January 2024, it had grown to 10,000.
However, the decrease in newcomers with less than 12 months of experience is a notable trend highlighted by Electric Capital researchers. The total number of new blockchain developers in 2023 decreased by a staggering 52%. The analysts observed that newcomers tend to enter the crypto industry during times of significant market growth. In 2022, for instance, over 90,000 programmers joined crypto projects following Bitcoin’s record-high price of about $70,000.
Ethereum remains the leading blockchain, with a significant increase of 16,000 developers actively writing code in 2023. The Polygon network also experienced high demand. Surprisingly, the Bitcoin blockchain ranked 13th in terms of developer activity, alongside platforms like Internet Computer, Optimism, and BNB Chain. The Stellar ecosystem, on the other hand, proved to be the least preferred option for newcomers, with only 248 developers contributing to this network in 2023.
Another interesting finding from the report is the decline in the number of blockchain developers based in the United States. Electric Capital analysts noted that 70% of these specialists now reside outside the country. Since 2018, the number of American developers has decreased by 14%, representing only 26% of the global blockchain workforce. In contrast, South Asia, Latin America, Europe, and West Africa have seen a 20% increase in the number of blockchain professionals since 2018.
Curtis Spencer, the co-founder of Electric Capital, previously expressed concerns over the potential destructive impact of strict mining restrictions imposed by authorities on Bitcoin.