Melt butter, cocoa and water in small pan over low heat. Bring to a boil and pour over dry ingredients.
Blend together the vanilla, buttermilk and eggs. Add to the other ingredients and mix until thoroughly combine.
Pour into a greased and floured 15-½ x 10-½ x 1 pan. Bake for about 20 to 25 minutes.
Frosting
About 10 minutes before cake is done, melt the butter, cocoa and buttermilk in medium pan. Bring to a boil for 1 to 2 minutes.
Remove from heat and add the confectioners sugar, vanilla and nuts. Stir well.
Pour over the hot cake and allow to set up. Cool completely.
Variations
I've changed the frosting just a bit and substituted 2 ounces shaved unsweetened chocolate. It makes the rich frosting even richer. The original recipe calls for 5 tablespoons cocoa powder.
The ground espresso is my addition. I like how the coffee plays with the chocolate.