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Apple is Not Allowing Cryptocurrency Mining on iPhones

While cryptocurrencies have been all the rage in recent years, many companies are not keen on advertising them including Apple.

Apple (NASDAQ:AAPL) is also not allowing any cryptocurrency mining to be done on iOS devices.

The tech giant has updated its developer guidelines and has outlawed cryptocurrencies “mining” on iOS devices.

According to the new rules, apps that drain battery, generate excessive heat, or put unnecessary strain on device resources, has been restricted. Bitcoin mining does all of the above.

Apple said on its website, “Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.”

While it may be impossible to successfully “mine” for bitcon on an iPhone or any iOS device, Apple’s move could be strategic and making sure that any other cryptocurrency that uses less energy be mined on the company’s devices.

Mining for digital currency is usually done by high-powered computers and involves math. To trade the currencies, transactions are verified through math equations and added to a “distributed ledger.” For solving equations, the “miners” then receive bitoin. The process on a computer generates 1,400 watts according to Coinmint.

Apple’s (NASDAQ:AAPL) website reads:

2.4 Hardware Compatibility

2.4.2 Design your app to use power efficiently. Apps should not rapidly drain battery, generate excessive heat, or put unnecessary strain on device resources. Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.

3.1.5 (b) Cryptocurrencies:

(i) Wallets: Apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization.

(ii) Mining: Apps may not mine for cryptocurrencies unless the processing is performed off device (e.g. cloud-based mining).

(iii) Exchanges: Apps may facilitate transactions or transmissions of cryptocurrency on an approved exchange, provided they are offered by the exchange itself.

(iv) Initial Coin Offerings: Apps facilitating Initial Coin Offerings (“ICOs”), cryptocurrency futures trading, and other crypto-securities or quasi-securities trading must come from established banks, securities firms, futures commission merchants (“FCM”), or other approved financial institutions and must comply with all applicable law.

(v) Cryptocurrency apps may not offer currency for completing tasks, such as downloading other apps, encouraging other users to download, posting to social networks, etc.

Apple (NASDAQ:AAPL) also only allows mainstream banks and similar financial institutions to be allowed to develop and publish apps enabling crypto futures trading and initial coin offerings.

The company said, “Apps facilitating Initial Coin Offerings (“ICOs”), cryptocurrency futures trading, and other crypto-securities or quasi-securities trading must come from established banks, securities firms, futures commission merchants (“FCM”), or other approved financial institutions and must comply with all applicable law.”

 

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