Make Kitco Your Homepage

Apple Bans Cryptocurrency Mining On All Devices

Kitco News

(Kitco News) - Tech giant Apple has taken a major step against cryptocurrencies by outlawing digital mining on all of its devices, including iPhones, iPads, iMacs, MacBook Pros, and others.

The ban is clearly spelled out in the new set of developer guidelines for the App Store released during Apple Worldwide Developers Conference (WWDC), which took place last week.

“Apps may not mine for cryptocurrencies unless the processing is performed off device,” the guidelines now state. “Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.”

The change, which was only noticed on Monday, was likely driven by concerns over cryptocurrency mining draining device batteries.

“Apps should not rapidly drain battery, generate excessive heat, or put unnecessary strain on device resources,” Apple’s website states.

These are all new requirements that app developers need to be aware of that were not in the guidelines before.

Apple already saw some of the apps available through its store mine cryptocurrency on users’ devices in exchange for some premium features. In March, the tech company removed one such app known as Calendar 2.

Aside from banning crypto mining on its devices, Apple also outlined the general use of cryptocurrencies. Below are five main points stressed by the company:

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

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

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

4. 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.

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

Bitcoin, in the meantime, hit the lowest level in two months over the weekend after news spread that one South Korean exchange was hacked. Bitcoin was last trading at $6,759.50, up 0.02% on the day, according to Kitco’s aggregated charts.

"Bitcoin-U.S. dollar prices have been hammered lower and hit a nine-week low the past two sessions, to produce fresh chart damage to suggest more downside price pressure in the near term. A price downtrend on the daily bar chart has been restarted,” said Kitco’s senior technical analyst Jim Wyckoff.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News