(Yicai Global) July 26 -- Its popularity has caused companies to mushroom in the blockchain technology sector, making the problem of talent shortage in this industry also inevitable, and greatly driving up the average salary of its practitioners, chinanews.com reported. 

A postgraduate who just got a master's degree from a Shanghai university and who has been serving as an intern in a blockchain company since the summer vacation, with monthly pay of CNY8,000 during the internship told chinanews.com that s/he will receive CNY22,000 (USD3,250) each month after becoming a regular employee.

Such a plump starting salary is far higher than the average that Shanghai's fresh-faced graduates get for their first job.

"Our recruitment never goes smoothly," said Deng Xu, founder of Yunphant Blockchain. "We might enlist five to eight persons in a quarter, yet such a number is only 20 percent of our expectations." Deng, who has anticipated a 100-technician team, can never get his hands on enough suitable talent.

The annual pay for fundamental blockchain technicians is CNY500,000 (USD73,800) to CNY800,000, while that for those proficient only in certain applications swings between CNY300,000 and CNY500,000, Deng noted. Yet desired talent lies thin on the ground notwithstanding such plump salaries. Compensation for blockchain research positions is also plush.

An advertisement for the president of a blockchain institute by Huobi.Com, China's largest Bitcoin (BTC) trading platform, offers up to CNY1.4 million (USD207,000) per year.

Inputting the key words 'blockchain + technician' on some job search websites shows most positions available pay over CNY300,000 each year, with offers of CNY1 million or above aslso common. Some investment and online game companies even extend salaries of up to CNY2 million each year.

Beijing-based cryptocurrency mining giant Bitmain Technologies is an apt example. It offers CNY600,000-960,000 each year for a chief technology officer (CTO), but without imposing particularly high educational requirements. Anyone with a bachelor's or above degree in a computer-related major who is experienced in blockchain virtual currency operations and has been involved in developing a blockchain or bitcoin trading platform will be preferentially employed.

The popularity of the technology has induced some universities to offer relevant courses, and training agencies are also getting their finger in the pie. 

They can only provide mid- to low-end technicians to the sector, however, Deng noted, and this cannot fill the high-end talent gap.

"Blockchain is the easiest technology to wring money from," Deng said. "This makes many people unable to focus only on the technology, which, unfortunately, is complicated and dull indeed," he lamented.

Editor: Ben Armour