Developers Are Leaving the Bitcoin Industry: Report

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As of October 1, 2023, there were 19,300 developers working on open source crypto projects, a decrease of 27% in 12 months according to a report by Electric Capital.

Experts from the company observed that the number of developers has increased by 66% compared to the bear market conditions on October 1, 2020.

This decrease was largely due to a decrease in the number of newcomers who had been working in the cryptocurrency industry for less than a year.

The number of these specialists decreased by 58% (8,300 people). However, over a longer period of time, the number of developers has only slightly increased. Another noticeable trend is the decrease in new developers entering the industry.

In September, only 1,721 new developers joined the cryptocurrency sector. This number is significantly lower than previous values, including a decrease by 40% in June, 64% in September 2022, and 67% in November 2021 during the all-time high market.