Apple is taking a stand against cryptocurrency mining, releasing new guidelines that ban the use of unrelated background processes, such as crypto mining.
Mining Banned on iOS and Mac Devices
Under its Hardware Capability section, the multinational technology company has stated that:
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.
Within its Cryptocurrencies section, it adds that while “apps may facilitate virtual currency storage, provided they are offered by developers enrolled as an organization, apps may not mine for cryptocurrencies unless the processing is performed off device (e.g. cloud-based mining).”
This is the first time that Apple has provided a clear stance on its position in regard to cryptocurrency mining. Interestingly, though, as CNBC points out, it’s unlikely that someone would be successful enough to mine for a currency such as Bitcoin given the amount of computing power it requires.
A computer processor such as an Antminer S9, which crunches a series of numbers to solve math equations, enabling a computer to mine for cryptocurrencies, draws a processing load of 1.5 kilowatts. This is the equivalent of providing enough power for a flatscreen TV and two refrigerators. Yet, even if this was running 24 hours a day for 365 days of the year, it would still only produce less than one Bitcoin, according to Forbes.
Crypto Mining Still Profitable?
With a rise in interest in the digital currency market, more investors are turning their attention to mining their own coins. For many, though, the idea of mining on their own computers is no longer a feasible option due to the high computation power and surging electricity costs involved.
Yet for others who are keen to get involved with the market, using computing power at work is becoming a possible solution, although risks are involved. In March, it was reported that two Crimean government employees were fined for mining cryptocurrencies at work. Whereas in February, Russian scientists working at a nuclear warhead facility were arrested after it was alleged they had been mining Bitcoin.
However, while there are plenty of people eager to mine for their own coins, according to Tom Lee, co-founder of Fundstrat Global Advisors, it’s no longer profitable for miners to mine Bitcoin. At the time when he made these comments in March, the number one cryptocurrency was trading around $8,000, with earnings less than that of December highs.
Now with Bitcoin valued at $6,834, according to CoinMarketCap, the profitability is even less.
Do you think it was the right move from Apple to update its guidelines? Let us know in the comments below.
Images courtesy of Shutterstock.
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