Apple: Don’t Mine Cryptocurrencies on an iPhone

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Apple: Don’t Mine Cryptocurrencies on an iPhone

Apple, Inc. (AAPL) has commented on the usage of its iPhones in the bitcoin mining process. According to CNBC, the internet behemoth recently modified its developer rules, altering its position against mining for digital currencies such as bitcoin. Apple has now specifically prohibited the practice. The recommendations prohibit the use of applications that create excessive heat, place undue demand on the mobile device’s capabilities, or drain the battery. Each of these things is likely to occur during digital currency mining.

No Unrelated Background Processes

“Apps, including any third-party adverts shown inside them, may not conduct unrelated background operations, such as bitcoin mining,” according to Apple. The company’s cryptocurrency rules were first published in 2014, after the app store’s decision to remove Coinbase and other digital currency applications due to a “unresolved problem.” According to the article, other sections of the standards pertaining to cryptocurrencies have remained unchanged since at least late May of this year.

Does it Make a Difference?

While Apple has expressed worries about the energy necessary for mining on an iPhone, it is doubtful that anybody will be able to effectively mine bitcoin on any of the company’s mobile devices. At this moment, mining for bitcoin needs so much computational power that the operation is usually reserved for specialized computer systems known as “rigs.” However, the IT company’s decision may prematurely prevent future mining procedures for other digital currencies. The revised criteria also ban iPhone users from participating in mining “pools,” which are collaborative operations in which numerous users share processing resources to finish the mining process.

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There are already several applications on the iOS store that promise to enable users to mine digital currencies using the power of their mobile devices, such as “Cryptocurrency Cloud Mining” and “Crypto Coin Miner.” Many of these applications promise to enable users to earn money without the need for costly mining equipment. At the moment, the destiny of these applications is unknown.

Investing in cryptocurrencies and Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the writer to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns bitcoin and ripple as of the day this post was published.

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