Apple Bans Cryptocurrency Mining on iOS Devices
Apple Inc. (NASDAQ: AAPL) released new guidelines for its iOS devices, which ultimately will outlaw “mining” cryptocurrencies. These new rules will restrict apps that drain battery, generate excessive heat, or put unnecessary strain on the device.
Apple Inc. (NASDAQ: AAPL) released new guidelines for its iOS devices, which effectively outlaws “mining” cryptocurrencies. These new rules will restrict apps that drain battery, generate excessive heat, or put unnecessary strain on the device.
Cryptocurrency “mining” is incredibly rough on any device, generating a significant amount of heat and strain. Essentially, Apple is making this change for the “safety” of its users and their devices.
Apple gave one of the highlights from its guidelines as:
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.
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Under the cryptocurrency section of Apples app guidelines:
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.
Shares of Apple were last seen at $191.43, with a consensus analyst price target of $198.48 and a 52-week range of $142.20 to $194.20.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
