US Federal Election Commission (FEC) to Hear Notion of Crypto Mining for Political Campaigns
A US Elections Agency Is Mulling Over the Idea of Crypto Mining for Political Campaigns
How about sharing your computing power to mine cryptocurrencies to support political campaigns? It may well become possible as the U.S. Federal Election Commission (FEC) is considering a request OsiaNetwork LLC to make this possible.
If approved, it is going to disrupt how campaign fund raising is done and would mean a new way to spend cryptocurrencies and support political campaigns. At present the request is at the public comment stage.
Prior to this, the FEC had permitted bitcoin donations as part of political campaign donations.
OsiaNetwork says it wants to be the platform through which intending volunteers would share their computing power to mine cryptocurrencies towards a political campaign.
Speaking about the initiative, the company said it would allow volunteers to support federal political committees by ‘pooling' the processing power of their internet enabled devices to mine cryptocurrencies.
OsiaNetwork said it 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.
To participate, what volunteers have to do is choose a device they want to use and stay actively signed into OsiaNetwork's website, through which their computing power would be used to generate new cryptocurrency.
OsiaNetwork explained that the mining rewards will be allocated among OsiaNetwork's clients proportionately to the number of hashes that each committee's volunteers generate in order to solve the block that generates the mining reward. The company said it will maintain a separate account for each of its clients that reflects on an ongoing basis the number of hashes generated by the individual volunteers of that particular client.
OsiaNetwork added that volunteers will not have ownership interest in or any rights to the mining reward at any point.
Therefore, if a federal political committee would like to allow their individual supporters to volunteer the processing power of their internet enabled devices, OsiaNetwork will provide the tools necessary to create a webpage on that committee's website that provides the methodology to pool the processing power of these volunteers' internet enabled devices.
In return, OsiaNetwork would take a share of the mining rewards earned, “and the percentage will not change based on how much cryptocurrency is mined.”