BCHN Financial Report 2021-02-08

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3 years ago

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 spending transactions are on the Bitcoin Cash (BCH) blockchain except when we dispose of airdropped equity caused by fork coins which we convert into BCH.

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 2021-02-08

The statements below cover transactions up to and including on February 07, 2021 (more precisely, up to block 673,742).

3109.38627488 BCH was held by the project at the time of writing. This represents an increase in available funds of about 931.5 BCH since the previous report in December 2020, primarily due to a very generous donation of 1000 BCH by an anonymous donor in January 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 439.23529162 BCH has been spent so far, broken down as indicated.

      0.09917596 ABC    bchabc
   3109.38627488 BCH    bitcoincash
    439.23529162 BCH  expenses
    392.97315532 BCH    development
     87.97578591 BCH      backporting
     39.04174199 BCH      bounty
      0.25000000 BCH        doc
      0.50000000 BCH        feature
      6.09334702 BCH        review
     10.00000000 BCH        security
      6.25000000 BCH        test
     15.94839497 BCH        website
     62.65460295 BCH      daa
    174.20301278 BCH      general
      5.48696844 BCH      general verification
     23.61104325 BCH      website
      6.80363425 BCH        flipstarter
      8.85779658 BCH        general
      7.94961242 BCH        i18n
      6.88657041 BCH    infrastructure
                        mining fees
      0.00773527 BCH      bch
      0.00705620 ABC      bchabc
     37.31318875 BCH    pr
     35.31318875 BCH      representative
      2.00000000 BCH      video
      2.05464187 BCH    translation
  -3389.02003255 BCH    donation
     -0.13438984 ABC    donation_replay
  -2063.99958445 ABC  equity:abc_fork


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 3389.02003255 BCH had been received in donations since the start of the project in February 2020. About 28% 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, and another 1000 BCH in January 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.


Below are the project's expenses since the last overview on December 15, 2020. They amount to 68.60887514 BCH over that period. The mining fees have been excluded.

2020-12-23 ex::translation                        0.14851485 BCH
2021-01-01 ex::pr:representative                  3.59195400 BCH
2021-01-01 ex::development:general                2.85983927 BCH
2021-01-01 ex::development:website:general        1.03550300 BCH
2021-01-02 ex::development:general               11.53846200 BCH
2021-01-02 ex::development:general                1.16618075 BCH
2021-01-02 ex::development:general                5.80466472 BCH
2021-01-02 ex::development:general                0.68728522 BCH
2021-02-01 ex::pr:representative                  3.03398058 BCH
2021-02-01 ex::development:general                5.33980583 BCH
2021-02-01 ex::development:general               18.44660194 BCH
2021-02-01 ex::development:general                1.70731707 BCH
2021-02-01 ex::development:general                5.51237623 BCH
2021-02-02 ex::development:general                7.73638968 BCH

In the time since the last report, BCHN activity was focused on Double Spend Proofs and other general development.

No bounties were awarded in this period,

1.18401785 BCH were spent on website maintenance and translation.

6.62593458 BCH were spent on public relations, covering two monthly payments to our representative.

60.79892271 BCH 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
Transactions span        : 2020-02-22 to 2021-02-08 (352 days)
Last transaction         : 2021-02-07 (1 days ago)
Transactions             : 2212 (6.3 per day)
Transactions last 30 days: 1892 (63.1 per day)
Transactions last 7 days : 9 (1.3 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.

Consolidation of funds after November 15, 2020

Prior to the November upgrade, a small amount in donations (0.00075823 BCH) was stored on a second address in our wallet (pp03e95qz7yene7v4vdx2vfsqx4qsq4wfvw8z3pkjf). This adddress was issued to Coin.dance who were collecting donations on behalf of node client projects.

As part of replay protection for its BCH transactions, the BCHN project has consolidated these funds back into the main wallet address after the recent BCH / BCHA split.

In January 2021, a small BCH amount was received on this address again, and may be consolidated at some time in future.

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 2 USD.

SLP donation address

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


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:

Getting in touch with BCHN:

Image credits:

$ 64.31
$ 50.00 from @Yolo-BCH
$ 10.00 from @MarcDeMesel
$ 2.00 from @ErdoganTalk
+ 11
Avatar for bitcoincashnode
Written by
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3 years ago


Great artical

$ 0.00
3 years ago

Thank you for this report!

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3 years ago