Apple Imposes Ban on Cryptocurrency Mining on Its Devices

The developer guidelines of the company have been tightened by Apple. It imposed a ban on cryptocurrency mining apps from being used on the devices of the company.

The updated guidelines are intended to remove the apps that cause the batteries to be drained, the device to turn abnormally hot or cause damage to the hardware in any way.

The developer guidelines state: “Design your app to use power efficiently. Apps should not rapidly drain battery, generate excessive heat, or put unnecessary strain on device resources.”

It added: “Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.”

Even though it will not be possible to install a software to mine for cryptocurrencies through a user’s iPad or iPhone, which is an extremely inefficient process considering the enormous power usage of crypto mining, cryptocurrency trading of approved assets will still be allowed.

Apple stated: “Apps may facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions.”

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

Mining of cryptocurrencies involves computers solving complex mathematical problems and then being rewarded in the form of coins. The said process requires colossal amounts of electricity in order to function which has already become a cause for concern globally.

Over the weekend, cryptocurrencies took a significant hit following the revelation of Coinrail, a South Korean cryptocurrency exchange that it had been hacked and 30 percent of its coins had been stolen.

Bitcoin was particularly hit as the value dropped to approximately $6,700 (£5,006) from about $7,200 earlier on Sunday, leaving bitcoin in an even worse position compare to what it has been in so far during the year.