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BCHN Financial Report 2022-12-08

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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 non-BCH coins, received through airdrops or other means, which we may 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 2022-12-08

The statements below cover transactions up to and including on December 08, 2022 (more precisely, up to block 770,107).

3188.93124188 BCH was held by the project at the time of writing. This represents an decrease in available funds of 1235.13339528 BCH since the previous report in June 2022. The project remains in a good financial state.

Since project start, a total of 2578.28881336 BCH has been spent so far, broken down as indicated.

                      assets:crypto
      0.13141780 ABC    bchabc
   3188.93124188 BCH    bitcoincash
   2578.28881336 BCH  expenses
   2164.41198537 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
   1932.22806063 BCH      general
      5.71632624 BCH      general verification
     35.29546765 BCH      website
      6.80363425 BCH        flipstarter
     20.54222098 BCH        general
      7.94961242 BCH        i18n
    249.75377220 BCH    external:verification:scaling
      7.98748784 BCH    infrastructure
      5.10000000 BCH    marketing
                        mining fees
      0.00846524 BCH      bch
      0.00705620 ABC      bchabc
    148.77246084 BCH    pr
    146.77246084 BCH      representative
      2.00000000 BCH      video
      2.25464187 BCH    translation
                      income
  -5602.51852793 BCH    donation
     -0.16663168 ABC    donation_replay
     -5.09999336 BCH    refund:marketing
  -2063.99958445 ABC  equity:abc_fork

Income

Currently BCHN derives its income entirely 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 5.83834617 BCH in new donations was received during this reporting period. A small amount of previously donated 1000 USDT was converted to BCH during this period, resulting in another 5.51186990 BCH, for a total income of 11.35021607 BCH during the period.

A negligible amount of BCHA/ABC/XEC) was received as a result of replayed BCH donation transactions (this can be seen in the replay journal file).

A total of 5602.51852793 BCH had been received in donations since the start of the project in February 2020. About 17% 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. Thereafter some big anonymous donations have been received:

  • 1000 BCH in August 2020

  • 1000 BCH in January 2021

  • 1000 BCH in February 2021

  • 1000 BCH in November 2021

  • 200 BCH in May 2022

The remainder was received from several business and personal donations. Some of our biggest known donors include ASICseer.com, Marc de Mesel, Georg Engelmann and 'zveda'.

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 7, 2022. They amount to 1246.48344103 BCH over that period, or about 208 BCH / month (compared to ~ 203 BCH / month over the previous report's period).

The mining fees have been excluded.

2022-07-02 ex:development:website:general      4.35626804 BCH
2022-07-02 ex:development:general              9.95916741 BCH
2022-07-02 ex:development:general             14.93428912 BCH
2022-07-02 ex:development:general            119.31987670 BCH
2022-07-02 ex:development:general             21.03960396 BCH
2022-07-02 ex:pr:representative               12.01923077 BCH
2022-07-07 ex:external:verification:scaling   73.48300971 BCH
2022-08-01 ex:development:general             18.95306859 BCH
2022-08-01 ex:development:general             47.84775386 BCH
2022-08-01 ex:pr:representative                9.05797101 BCH
2022-08-03 ex:external:verification:scaling   33.13239886 BCH
2022-09-01 ex:development:general             86.39545056 BCH
2022-09-01 ex:pr:representative               10.86956522 BCH
2022-09-01 ex:development:general             13.15789474 BCH
2022-09-09 ex:external:verification:scaling   51.20294916 BCH
2022-10-01 ex:development:general             50.57803400 BCH
2022-10-02 ex:development:general             30.70472641 BCH
2022-10-04 ex:pr:representative               10.50420200 BCH
2022-11-01 ex:pr:representative               10.82063711 BCH
2022-11-01 ex:development:general             82.25820417 BCH
2022-11-01 ex:development:general            129.84764542 BCH
2022-11-01 ex:development:general            102.17391304 BCH
2022-11-01 ex:development:general             10.86956521 BCH
2022-11-01 ex:development:general             36.02620087 BCH
2022-11-30 ex:development:general             11.06194690 BCH
2022-12-01 ex:development:general             88.02032266 BCH
2022-12-01 ex:pr:representative               11.16071429 BCH
2022-12-01 ex:development:general             17.29910714 BCH
2022-12-01 ex:development:general             52.45535714 BCH
2022-12-02 ex:development:general             13.63636364 BCH
2022-12-02 ex:development:general             59.36073059 BCH
2022-12-05 ex:development:general              3.40909091 BCH
2022-12-05 ex:development:website:general      0.56818182 BCH

In the time since the last report, BCHN activity was directed towards:

  • review and implementation of CHIPs and related application changes for the May 2023 Bitcoin Cash network upgrade

  • bug fixing

  • optimization

  • improvement of tests and benchmarks

  • code cleanup

  • general backports

  • technical investigations and reports on various node client software architectures

  • user support

No bounties were awarded in this period, but a bounty process is in development.

64.4323204 BCH were spent on user relations, covering six monthly payments to our representative. This amount is relatively higher (in BCH) due to the worse conversion rate of USD/BCH during this period.

1019.30831304 BCH were spent on client software development and maintenance.

4.92444986 BCH were spent on website maintenance and content.

157.81835773 BCH were spent on an external contract with Software Verde to conduct scaling tests with various software infrastructure components. This is a concluded contract which ran from 1 April 2022 to 31 August, with final payment being made on 9 September 2022. It is categorised as 'external' in the above expenses. Software Verde reported their contractual progress on this work on the Bitcoin Cash Research site.

Basic statistics about BCHN project ledger

These are derived from hledger tool's statistic report.

Main file                : bchn.journal
Included files           : prnc2exht3zxlrqqcat690tc85cvfuypngh7szx6mk.journal
                           pp03e95qz7yene7v4vdx2vfsqx4qsq4wfvw8z3pkjf.journal
                           prnc2exht3zxlrqqcat690tc85cvfuypngh7szx6mk_replays_to_abc.journal
Transactions span        : 2020-02-22 to 2022-12-07 (1019 days)
Last transaction         : 2022-12-06 (2 days ago)
Transactions             : 2539 (2.5 per day)
Transactions last 30 days: 16 (0.5 per day)
Transactions last 7 days : 10 (1.4 per day)
Payees/descriptions      : 1
Accounts                 : 28 (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. It is now traded under the symbol XEC and branded as "eCash" on most exchanges / explorers.

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 4 USD, the decrease from the last report being due to bear market and price fluctuation 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 🌶️ , 5 USDH and few other tokens have been sent to the address. 1000 USDt held previously have been converted to BCH (refer to Income section above).

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.

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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