Bitcoin Unlimited Financial Report: 1 January 2017 - 30 June 2017
The first half of 2017 was a prosperous time for our organization, as BU's bitcoin holdings appreciated in value by $1.04 million. BU received 7.1 BTC ($14,793) (mostly as donations) and spent 47.72 BTC ($69,754) during the first half of 2017, resulting in a closing balance on 30 June 2017 of 655.88 BTC ($1,653,500).
Expenses in the first half of 2017 were split between web development, outreach activities, and "The Future of Bitcoin Conference" in Arnhem [1].
Web development included the creation of our new public-facing Bitcoin Unlimited website ($10,667), the members'-only automated voting site ($7,706), and BU's Adopt-a-Node initiative ($4,450).
The majority of the $18,476 of outreach funds spent were used to pay the travel expenses for BU members while presenting at conferences or engaged in meetings:
The Future of Bitcoin conference was possibly the highlight of the first half of 2017, attracting 120 participants to Arnhem, The Netherlands to listen to speakers and discuss the exciting potential of Bitcoin. As the conference was held on June 30 and July 1, the expenses reported here are approximately one half of the total conference costs (the remainder of the conference costs will be included in the financial report for the second half of 2017).
The following chart illustrates the flow of funds in to and out of the Bitcoin Unlimited multisig wallet over this time period.
[1] As the conference was held on June 30 and July 1, the conference expenses reported here are approximately one half of the total conference costs (the remainder of the conference costs will be included in the financial report for the second half of 2017).
The first half of 2017 was a prosperous time for our organization, as BU's bitcoin holdings appreciated in value by $1.04 million. BU received 7.1 BTC ($14,793) (mostly as donations) and spent 47.72 BTC ($69,754) during the first half of 2017, resulting in a closing balance on 30 June 2017 of 655.88 BTC ($1,653,500).
Expenses in the first half of 2017 were split between web development, outreach activities, and "The Future of Bitcoin Conference" in Arnhem [1].
Web development included the creation of our new public-facing Bitcoin Unlimited website ($10,667), the members'-only automated voting site ($7,706), and BU's Adopt-a-Node initiative ($4,450).
The majority of the $18,476 of outreach funds spent were used to pay the travel expenses for BU members while presenting at conferences or engaged in meetings:
- @Peter R presented on BU to Coinbase in March
- @Peter R presented on BU to Bitpay in March
- @theZerg met with key industry members in New York in March
- @solex participated in The Blockchain New Zealand conference in April
- @Peter R participated on the "Can Bitcoin Scale?" and the "Academic" panels at Consensus in New York in May
- A delegation from BU travelled to China in the spring to meet with miners.
The Future of Bitcoin conference was possibly the highlight of the first half of 2017, attracting 120 participants to Arnhem, The Netherlands to listen to speakers and discuss the exciting potential of Bitcoin. As the conference was held on June 30 and July 1, the expenses reported here are approximately one half of the total conference costs (the remainder of the conference costs will be included in the financial report for the second half of 2017).
The following chart illustrates the flow of funds in to and out of the Bitcoin Unlimited multisig wallet over this time period.
[1] As the conference was held on June 30 and July 1, the conference expenses reported here are approximately one half of the total conference costs (the remainder of the conference costs will be included in the financial report for the second half of 2017).
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