OsiaNetwork Seesk to Use a Crypto Mining Browser Tool to Fund 2020 Political Elections
Osia Network Requests Crypto Mining Tool be Used by FEC for 2020 Elections
Cryptocurrency could play a role in the 2020 US elections, according to a recent request to embed crypto mining tools on the FEC website.
A new suggestion by OsiaNetwork LLC seeks to introduce Bitcoin mining as a way to fund political campaigns. A rather unusual proposal, especially given the negative reputation Bitcoin mining has.
According to the document, the company would take a small number of earnings as compensation. Volunteers would be asked to offer up a portion of their CPU power for the purpose of mining, and a political candidate of their choice would then receive the proceeds.
Reportedly, OsiaNetwork wants to develop a platform through which interested volunteers can share their device’s processing power to mine cryptocurrencies that can then be used for running political campaigns.
The request reads,
“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 ‘pool’ the processing power of their devices would allow individuals to support their preferred candidates, which they would not otherwise be able to do.”
Crypto’s Relationship With Political Campaigns
It is not the first time cryptocurrencies and political campaigns come together. In fact, Bitcoin payment processor BitPay has introduced a dedicated service for this purpose. Through their tool, organizations can accept Bitcoin transactions for political campaigns. This will only work if the company or organization is registered with the right institutions and is acknowledged by the IRS.
This summer North Carolina Republican candidate Emmanuel Wilder was banned from accepting crypto donations. Commenting on the matter, he said:
“New things are scary to people, and people [are] generally resistant to change.”
In March, the Sierra Leone government was forced to deny that it had used blockchain in its election after the opposite was reported widely.
Notably, this news comes at a crucial time for the mining industry. Crypto miners have undergone a lot of negative press over the recent months. The electricity concerns associated with this business activity have been highlighted numerous times. As such, one doesn’t expect Bitcoin mining to be tied to political campaigns in a positive manner.
The business model described by OsiaNetwork LLC is rather unusual. They propose to let volunteers pool their mining power to fund political campaigns. This is done by letting the volunteers visit the committee’s designated webpage and generate cryptocurrency through mining scripts. This leads to a lot of questions are concerns.
Even though the idea is intriguing, it remains unlikely that the FEC is going to approve it.