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BCHN Financial Report 2021-04-17

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by Bitcoin Cash Node Team
17 April 2021

The Bitcoin Cash Node (BCHN) project practices and promotes transparent reporting.

Project funds are held by team members in a 3-of-5 multi-signature wallet.

This wallet is used to receive donations and pay for project expenses (general funding of BCH Node operations, including personnel, equipment and contracting).

All our transactions are on the Bitcoin Cash (BCH) blockchain.

We use open source wallet software (Electron Cash) and maintain our accounts using plain text accounting in a ledger file which is part of the public project management repository on GitLab.

Based on this public ledger, the project can account for all its income and expenses and produce financial reports using auditable open source software.

Please refer to the Links section at the bottom for links to previous financial reports.

Project account details as of 2021-04-17

The statements below cover transactions up to and including on April 16, 2021 (more precisely, up to block 683,597).

4016.79354612 BCH was held by the project at the time of writing. This represents an increase in available funds of about 907.4 BCH since the previous report in February 2021, primarily due to a very generous donation of 1000 BCH by an anonymous donor later in February 2021. The project remains in an excellent financial state.

All expenses below fall within the scope of our funding proposal (link above). Since project start, a total of 532.44113705 BCH has been spent so far, broken down as indicated.

                          assets:crypto
          0.09918690 ABC    bchabc
       4016.81536272 BCH    bitcoincash
        532.44113705 BCH  expenses
        480.12615415 BCH    development
         87.97578591 BCH      backporting
         40.04174199 BCH      bounty
          0.25000000 BCH        doc
          0.50000000 BCH        feature
          6.09334702 BCH        review
         11.00000000 BCH        security
          6.25000000 BCH        test
         15.94839497 BCH        website
         62.65460295 BCH      daa
        259.79315983 BCH      general
          5.48696844 BCH      general verification
         24.17389503 BCH      website
          6.80363425 BCH        flipstarter
          9.42064836 BCH        general
          7.94961242 BCH        i18n
          7.98748784 BCH    infrastructure
          0.00781289 BCH    mining fees
          0.00781289 BCH      bch
          0.00705620 ABC      bchabc
         42.26504030 BCH    pr
         40.26504030 BCH      representative
          2.00000000 BCH      video
          2.05464187 BCH    translation
      -4389.65496582 BCH  income
      -4389.65496582 BCH    donation
         -0.13440078 ABC    donation_replay
      -2063.99958445 ABC  equity:abc_fork

Income

Currently BCHN derives its income mainly from donations.

The donations below include those made directly to our project donation address and those forwarded from tips on this site.

A total of 4389.65496582 BCH had been received in donations since the start of the project in February 2020. About 22% of that was raised via the original Flipstarter campaign which successfully completed on 26 April 2020, yielding 978 BCH in funding for BCHN's initial project proposal. 1000 BCH was received in an anonymous donation in August 2020, another 1000 BCH in January 2021 and a 1000 BCH more in February 2021. The remainder was received from several business and personal donations.

There are many other anonymous donations making up the remainder, but some of our biggest known donors include ASICseer.com, Marc de Mesel and Georg Engelmann.

We thank everyone who has generously donated to us during the time since our last report.

Expenses

Below are the project's expenses since the last overview on February 8, 2021. They amount to 93.20576781 BCH over that period. The mining fees have been excluded.

    2021-03-01 ex:pr:representative            2.59336099 BCH
    2021-03-01 ex:development:general          1.03734440 BCH
    2021-03-01 ex:development:general          4.97925311 BCH
    2021-03-02 ex:development:general          7.26348547 BCH
    2021-03-02 ex:development:general          7.29927007 BCH
    2021-03-31 ex:development:general         12.07546170 BCH
    2021-03-31 ex:development:general         21.17202268 BCH
    2021-03-31 ex:pr:representative            2.35849056 BCH
    2021-04-01 ex:infrastructure               1.10091743 BCH
    2021-04-01 ex:development:website:general  0.56285178 BCH
    2021-04-01 ex:development:general          0.02520183 BCH
    2021-04-02 ex:development:general         15.88058519 BCH
    2021-04-02 ex:development:general          4.14035088 BCH
    2021-04-03 ex:development:general         11.71717172 BCH
    2021-04-15 ex:development:bounty:security  1.00000000 BCH

In the time since the last report, BCHN activity was focused on removal of the unconfirmed transactions limits, implementation of multiple OP_RETURN and other general development in preparation for the May 15, 2021 network upgrade. This resulted in the release of BCHN v23.0.0.

One security bounty of 1 BCH was awarded in this period.

1.66376921 BCH were spent on website maintenance and infrastructure.

4.95185155 BCH were spent on public relations, covering two monthly payments to our representative.

85.59014705 were spent on client software (and documentation) development and maintenance.

Basic statistics about BCHN project ledger

These are derived from hledger tool's statistic report.

    Main file                : bchn.journal
    Included files           : prnc2exht3zxlrqqcat690tc85cvfuypngh7szx6mk.journal
                               prnc2exht3zxlrqqcat690tc85cvfuypngh7szx6mk_replays_to_abc.journal
                               pp03e95qz7yene7v4vdx2vfsqx4qsq4wfvw8z3pkjf.journal
    Transactions span        : 2020-02-22 to 2021-04-17 (420 days)
    Last transaction         : 2021-04-16 (1 days ago)
    Transactions             : 2320 (5.5 per day)
    Transactions last 30 days: 57 (1.9 per day)
    Transactions last 7 days : 10 (1.4 per day)
    Payees/descriptions      : 1
    Accounts                 : 25 (depth 4)
    Commodities              : 3 (, ABC, BCH)

The large increase in transactions is due to a large number of small donations. We thank the anonymous donor for showing off one of Bitcoin Cash's strengths.

BCHA fork coin airdrop and policy

On November 15, 2020, Bitcoin ABC created a spin-off currency by forking away from the Bitcoin Cash (BCH) currency.

This new coins is referred to as 'ABC' or 'bchabc' in our ledger files.

The BCHN project received an amount of ABC's coin equal to the amount of BCH held in our wallet at the time and entirely converted these (approx. 2064 ABC coins at the time) into around 159.6 BCH by November 19, 2020.

Since then, the project holds virtually no more ABC coins except a minimal amount which has been received since due to replaying of regular donations made to our BCH wallet (the 'donation_replay' income position).

If ABC coin donations reach a significant amount, the project may convert them to BCH in the future as it does not intend to hold them. At time of this report the ABC coin holdings amounted to less than 7 USD, the increase from the last report being due mostly to a price increase of the ABC coin.

SLP donation address

The project has a SimpleLedger (SLP) token donation address.

simpleledger:qrjv4klcn9z5kqeye3ps64pr6aa4mzux8cy776pm6k

Currently, the project has received and is holding donations of 2,000,000 SPICE 🌶️ , 1,000 USDt and few other tokens have been sent to the address.

As we conduct our payments exclusively in Bitcoin Cash up to now, we have yet to set up a ledger file to account for token holdings. We may do so for main tokens like SPICE, but not generally for all random tokens sent our way, as this would be a way to spam the project.


Previous financial overviews:

Flipstarter funding proposal:

Report on security disclosure by Positive Security:

Getting in touch with BCHN: