Will Crypto Mining For Political Campaigns Happen? US Elections Body Thinks About It

The U.S. Federal Election Commission (FEC) is reportedly considering a request that could change the face of campaign finance, and it involves cryptocurrency mining.

Crypto Politics

The US FEC is debating a request from OsiaNetwork LLC, which was discreetly published in late September. The request from OsiaNetwork would allow people to support political candidates by lending the candidate some of their computing power to mine for crypto, the proposal is the first of its kind, and if it is approved, it would allow a new way of supporting political campaigns in the US.

In May 2014, the FEC gave the go signal for bitcoin donations as a form of in-kind contribution to a political campaign.

OsiaNetwork aims to become the platform through which volunteers can donate their devices’ computing power to mine, essentially serving as a mining pool for political candidates.

The firm states in their request that:

“OsiaNetwork would allow volunteers to support federal political committees by ‘pooling’ the processing power of their internet-enabled devices to mine cryptocurrencies. OsiaNetwork believes that enabling individual volunteers to so ‘pool’ the processing power of their internet-enabled devices would allow individuals to support their preferred candidates, which they would not otherwise be able to do.”

The document states that volunteers can designate what devices they want to use and that as long as the devices are actively connected to their network, the computing power could be used to mine for cryptocurrencies.

US FECThe document also states that mining rewards would be allocated among the firm’s clients proportionate to the number of hashes their volunteers generated in order to solve the block that generates the reward. OsiaNetwork will maintain a separate account for each client that will reflect the number of hashes generated by each volunteer for that particular client.

They also clarified that generated cryptocurrencies are received by the firm, not the volunteers. Volunteers will not have any ownership interest or rights to the mining reward.

The request also seeks to allow campaigns themselves to solicit contributions via a donation option, to be made available on their website.

OsiaNetwork also revealed that in return for these services, it would take a share of the mining rewards earned, with the fees including a reasonable profit, the firm says.

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Will Crypto Mining For Political Campaigns Happen? US Elections Body Thinks About It
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Will Crypto Mining For Political Campaigns Happen? US Elections Body Thinks About It
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The U.S. Federal Election Commission (FEC) is reportedly considering a request that could change the face of campaign finance, and it involves cryptocurrency mining.
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Ibinex News
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