Apple is embarking on a crackdown on cryptocurrency activity on its devices.
During the tech giant’s Worldwide Developers Conference last week, new App Store guidelines were released — banning cryptocurrency miners from using Apple devices for business. The new changes to the policy were first spotted on Monday by AppleInsider.
“Apps, including any third-party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining,” Apple stated under the hardware compatibility section of its App Store policy.
It is the first time Apple has offered a clear stance on its policy on cryptocurrency apps. This is coming amid surging interest in cryptocurrencies such as Bitcoin, which are “mined” using multiple devices to solve complex mathematical problems in order to lock and unlock information in the blockchain. As each transaction is secured, they get rewarded.
Cryptocurrency mining has become a popular way for people to make money, but, it needs a lot of computing power, prompting Bitcoin miners to buy pricey graphics cards and utilize large networks of devices, which include iPhones and iPads.
Bitcoin continues to experience a freefall, with the digital currency recently hitting its lowest since February, as the meltdown in the world’s largest digital currency accelerated, renewing concern about the long-term viability of the much-hyped alternative to traditional currencies.
Skeptics have remained vocal, with Bitcoin getting no love from two of the world’s wealthiest men, Bill Gates and Warren Buffett, with the latter calling the currency “probably rat poison squared” just last month, with the sector finding itself under increasing government scrutiny when the U.S. Justice Department opened up a criminal probe into illegal trading practices that can manipulate the price of Bitcoin and other cryptocurrencies.
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