Preheat oven to 350°F. Grease and flour two 9-inch round cake pans.
In a large bowl, mix flour, sugar, cocoa, baking powder, baking soda, and salt. Add eggs, buttermilk, oil, and vanilla. Beat on medium speed for 2 minutes. Stir in hot water (batter will be thin). Pour into prepared pans.
Bake for 30 to 35 minutes, or until a toothpick inserted in the center comes out clean. Cool for 10 minutes in the pans, then remove from pans to wire racks to cool completely.
For the mousse, mix hot water and cocoa powder until smooth. In a separate bowl, melt chocolate chips using the double boiler method and let cool slightly. In a separate bowl, whip cream and sugar until stiff peaks form. Fold in the melted chocolate until no streaks remain.
For the ganache, heat milk, cocoa powder, and butter in a small saucepan over medium heat until butter is melted. Remove from heat and gradually whisk in powdered sugar until smooth.
To assemble, place one cake layer on a serving plate. Spread half of the mousse over the cake. Top with the second cake layer and spread the remaining mousse on top. Pour ganache over the mousse, allowing it to drip down the sides. Chill for at least 3 hours before serving.