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Report: Apple Bans Cryptocurrency Mining on its iOS Platform
Capital Markets, FinTech
First things first: The staggering amount of processing power and electricity it takes to mine Bitcoin pretty much assures that no one will ever be mining it on their iPhone or iPad.
However, Apple has taken the preemptive step to assure that no one tries to mine any cryptocurrency on its devices, updating its developer guidelines to ban it on its iOS platform, as CNBC reports. While mining Bitcoin would likely be impossible on an iPhone or iPad, CNBC notes that “Apple’s move could pre-emptively stop future, less energy-intensive digital currencies from being mined on these devices or halt the pooling of multiple devices to accomplish it.”
Here is the specific language related to crypto mining from Apple’s updated guidelines:
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.
Cryptocurrency “mining” is essentially math often done by high-powered computers. In order to trade bitcoin, transactions need to be verified through complex math equations, then and added to what’s known as a “distributed ledger.” In return for solving equations “miners” receive bitcoin.
On a computer, that process generates 1,400 watts — the same as one hair dryer, according to bitcoin mining company Coinmint.
CNBC notes that there are a number of apps in the iOS store that “claim to let users mine with power from their personal devices.”
Bitcoin was trading at $6,719.48 on Monday afternoon in New York.
Photo: Getty iStock