Cryptocurrencies play an integral role in the financial sector. Politicians, on the other hand, often lean toward dismissing this form of money. 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.
Political Campaigns and Cryptocurrency
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.
At the same time, this “entwinement” has received some backlash. California has recently banned Bitcoin donations from political campaigns altogether. That decision is not a popular one, though local legislators remain confident it is the right course of action. How that situation will pan out across other states, remains to be determined.
With this information in mind, the proposal on behalf of OsiaNetwork LLC raises a lot of questions. The letter sent to the FEC discusses the use of Bitcoin mining. Proceeds from such operations could be introduced as a way to fund political campaigns in the future. The company wants to enable individuals to support federal political committees. All of the mining hashpower is voluntarily shared by the individuals, rather than forcing them to take this course of action.
A Positive Sign?
This news comes at a crucial time for the mining industry. Cryptocurrency miners have suffered from a lot of negative press over the years. 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 outlined by OsiaNetwork LLC is rather interesting. 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. That particular aspect leads to a lot of questions are concerns.
Web-based cryptocurrency mining has become almost synonymous with cryptojacking these days. Any website mining Bitcoin or altcoins is often scrutinized by the community. With one company overseeing this activity, that public image may be changed for the better. The proposal has not been accepted by the FEC as of yet. It remains unlikely they will approve this idea, although the concept is rather intriguing.
What do you think about OsaiNetwork’s proposal? Let us know in the comments below.
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