Apple has explicitly banned Cryptocurrency mining using its devices, that is iPhone and iPhone. The technology giant has done this by updating its developer guidelines.
The Cryptocurrency Mining Ban
It is highly unlikely that one can successfully mine Cryptocurrency using just one device. This is because mining requires a lot of energy and computing power to effectively take place. However, with the ban, Apple has effectively slowed down, if not stopped the possible development of Cryptocurrency that will not be as computing power intensive or uses less energy.
The Current Cryptocurrency Development Guidelines
The new regulations restrict the downloading and use of applications that produce a lot of heat when they’re in use or exert too much energy on the device.
Among the restrictions on the developer guidelines also says:
• Restriction on applications from running any unrelated processes in the background. This restriction also extends to any third party advertisements that are or may be found in the applications.
• The restrictions encourage developers to design applications which are able to use power sparingly without draining the battery, limit the phone’s generation of heat and at the same time efficiently use the device resources.
• Virtual currency can only be provided by developers who are registered as organizations.
• Mining by applications on the devices is only allowed if the whole mining process is done off the device.
• Apps on Apple devices can only enable transactions of Cryptocurrency if an approved exchange offers the service.
• Apps that have ICO (Initial Coin Offering) and offer another crypto related trading on the devices have to only be owned by official financial institutions e.g. banks, futures commission merchants etc. they should also in compliance with the existing laws.
• Another restriction limits the apps from offering currency for the user upon completion of a task including the downloading of the Cryptocurrency app, offering compensation for one convincing other to download or by sharing it on other social networking sites.
Apple officially started putting more restrictions on anything Cryptocurrency back in 2014. The initial guidelines acted by unlisting Cryptocurrency apps from the apple store. At the time it gave the reason for this as there is an unresolved issue with the applications.
How Mining Takes Place
In order to mine Cryptocurrency, complex mathematical equations are carried out by highly powerful computers. Upon solving the complex equations, a miner is rewarded with Bitcoin.
To facilitate Bitcoin trading, the complex math equations are used to verify the transactions which are then added to the distributed ledger. For this process to take place over 1400 watts is produced on the computer thus heating the device.
Despite the restrictions, some apps on the apple store are still claiming to provide miners the opportunity to mine using their own devices’ power.
Bitcoin has recently suffered an almost eleven percent drop in its value. This was after reports of a potential hack heist on a South Korea exchange known as Coinrail. Coindesk reported that Bitcoin was worth $6,726 on Monday.