Pour in the hot water and mix gently until just combined. The batter will be quite runny and smooth, which is exactly what you want.
Pour the batter into your prepared pan. Bake for 30–40 minutes. It is done when a toothpick inserted into the center comes out clean. Let the cake cool in the pan for 20–30 minutes.
Make the frosting & assembly
Melt the butter in a saucepan over low heat. Remove from the heat, sift in the cocoa powder, and whisk until smooth.
Sift in the powdered sugar, add the buttermilk and vanilla extract, and whisk until the icing is completely smooth and shiny.
Pour the warm frosting directly over the cooled cake and smooth it out with an offset spatula. Let the frosting set for about 10 minutes, then slice and serve!
Notes
Use full-fat buttermilk: This gives the cake its signature rich texture and moisture.
Keep ingredients at room temp: Make sure your eggs and buttermilk are not freezing cold, or they will cause the batter to separate or seize.
Fluff your flour: Do not scoop your measuring cup straight into the flour bag, which packs it down and makes cakes dry. Fluff the flour with a spoon, scoop it into the cup, and level it off with the back of a knife.
Don't overmix: Stop whisking as soon as the dry flour pockets disappear. Overmixing develops the gluten, making the cake dense instead of light.
Cool before frosting: If the cake is too hot, the frosting will melt right through and lose its beautiful glossy look.