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BCHN Financial Report 2021-11-24

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Topics: Bitcoin Cash

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 2021-11-24

The statements below cover transactions up to and including on November 23, 2021 (more precisely, up to block 715,401).

3826.23481504 BCH was held by the project at the time of writing. This represents an decrease in available funds of about 131.42 BCH since the previous report in June 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 724.00775453 BCH has been spent so far, broken down as indicated.

                      assets:crypto
      0.13096388 ABC    bchabc
   3826.23481504 BCH    bitcoincash
    724.00775453 BCH  expenses
    657.11185457 BCH    development
     87.97578591 BCH      backporting
     40.54174199 BCH      bounty
      0.25000000 BCH        doc
      0.50000000 BCH        feature
      6.09334702 BCH        review
     11.00000000 BCH        security
      6.75000000 BCH        test
     15.94839497 BCH        website
     62.65460295 BCH      daa
    435.36376387 BCH      general
      5.48696844 BCH      general verification
     25.08899141 BCH      website
      6.80363425 BCH        flipstarter
     10.33574474 BCH        general
      7.94961242 BCH        i18n
      7.98748784 BCH    infrastructure
                        mining fees
      0.00801686 BCH      bch
      0.00705620 ABC      bchabc
     56.64575339 BCH    pr
     54.64575339 BCH      representative
      2.00000000 BCH      video
      2.25464187 BCH    translation
                      income
  -4390.64103562 BCH    donation
     -0.16617776 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 0.69770558 BCH was received during this reporting period. A neglibible amount of BCHA/ABC/XEC) was received as a result of replayed BCH donation transactions.

A total of 4390.64103562 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 June 11, 2021. They amount to 132.11905171 BCH over that period. The mining fees have been excluded.

2021-07-01 ex:development:website:general      0.19493177 BCH
2021-07-01 ex:pr:representative                2.44618400 BCH
2021-07-01 ex:development:general              4.33925050 BCH
2021-07-01 ex:development:general              3.55029590 BCH
2021-07-02 ex:development:general              8.13008130 BCH
2021-07-03 ex:development:website:general      0.72016461 BCH
2021-08-01 ex:pr:representative                2.31764744 BCH
2021-08-02 ex:development:general              0.18269845 BCH
2021-09-01 ex:development:general              1.55523414 BCH
2021-09-01 ex:pr:representative                1.94576756 BCH
2021-09-01 ex:development:general             20.70759706 BCH
2021-09-01 ex:development:general             26.70440369 BCH
2021-09-01 ex:development:general              0.92784461 BCH
2021-10-01 ex:pr:representative                2.43664720 BCH
2021-10-01 ex:development:general             13.65348400 BCH
2021-10-01 ex:development:general              4.33962260 BCH
2021-10-01 ex:development:general             16.00753300 BCH
2021-10-02 ex:development:general              0.73576459 BCH
2021-11-01 ex:pr:representative                2.09590878 BCH
2021-11-01 ex:development:general              2.02350639 BCH
2021-11-01 ex:development:general              2.54604090 BCH
2021-11-01 ex:development:general             11.47432301 BCH
2021-11-02 ex:development:general              0.16798817 BCH
2021-11-03 ex:development:general              2.91613204 BCH

In the time since the last report, BCHN activity was focused on the May 15, 2022 upgrade work, draft implementation of other CHIPs, general optimization, bug fixing and user support.

No bounties were awarded in this period.

11.24215498 BCH were spent on public relations, covering five monthly payments to our representative.

119.96180035 BCH were spent on client software development and maintenance.

0.91509638 BCH were spent on website maintenance and content.

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 2021-11-24 (641 days)
Last transaction         : 2021-11-23 (1 days ago)
Transactions             : 2400 (3.75 per day)
Transactions last 30 days: 13 (0.4 per day)
Transactions last 7 days : 5 (0.7 per day)
Payees/descriptions      : 1
Accounts                 : 25 (depth 4)
Commodities              : 3 (, ABC, BCH)

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 5 USD, the decrease from the last report being due mostly to a price decrease 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.

SmartBCH

The project does not, at this time, keep a SmartBCH wallet, but is considering to create a multi-signature SmartBCH wallet for those who want to donate sBCH or SEP20 tokens to us.

We will keep you informed of developments and post any related information, such as a SmartBCH donation address, on the project website.


Links

Previous financial overviews:

Flipstarter funding proposal:

Getting in touch with BCHN:


Image credits:

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