Apple declares war on crypto mining, bans it on iPhone, iPad; Will cryptocurrency perish?

Apple Inc. is the latest addition to the growing list of companies and organizations who openly ban some form of association with cryptocurrencies.

In an updated App Store Review Guidelines for developers, the Cupertino-based tech giant stated that "apps may not mine for cryptocurrencies" with the exception of activities done outside of the iPhone or iPad, that is, cloud-based storage.

More Restrictions

Apart from cryptocurrency mining, Apple is also prohibiting cryptocurrency apps from offering currency as a reward for completing tasks. These include but not limited to the downloading of other apps, encouraging users to download apps, and sharing or posting on social networks.

The iPhone and iPad devices have become quite the go-to facility for many cryptocurrency miners because of its relatively acceptable computing power, enough to earn even a little amount of virtual coins like bitcoin.

Because mobile devices do not have the graphics processors of high-powered computers, chances of overheating and extreme battery drain are very high to occur, and this is what Apple is trying to prevent, going forward.

Warning to Apple's Partner Developers

Now, Apple is encouraging all of its partner app developers to create energy-sensitive apps. In the guidelines, Apple wrote:

"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."

Despite that, the company gave exceptions to some degree. Apps for facilitating virtual currency storage is allowed if and only if they are offered by developers registered as an organization.

In addition, apps assisting initial coin offerings (ICO), cryptocurrency futures trading, and other crypto or quasi-securities trading are only allowed if they come from established banks, futures commision merchants (FCM), securities firms, or other approved financial institutions.

Apple, however, did not specify when the policy update was first published and took into effect.

Conroil hacking

The move by Apple may herald similar trend among other tech and social media giants to curb cryptocurrencies, which have been criticised for their country-agnostic nature surpassing the monetary controls of different nations.

The announcement from Apple has come within hours after the news of the hacking of a small South Korean cryptocurrency exchange, Coinrail, on Monday sent prices of cryptocurrencies dovetail, wiping out an estimated $30 billion in virtual wealth.

The erosion of cryptocurrency value, both Bitcoin and Ethereum, has become a global concern now.