Apple bans mining cryptocurrency on iPhones (AAPL)


After Google, Facebook, and Twitter, now it's time for Apple to join its Silicon Valley counterparts in restricting the crypto industry.

Apple has revealed its revised guidelines in a dedicated section for iOS and MacOS apps centered on the cryptocurrency space.

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Bad news, Safari users: Apple is breaking all directly downloaded.safariextz extensions with the release of Safari 12 later this year. As AppleInsider notes, the Review Guidelines were previously less concerned with cryptocurrencies, allowing an app to facilitate crypto and ICO transactions if it complied with the laws in the app's distributed territories. This makes sense as in last December, Apple accidentally listed a fake version of the widely-used MyEtherWallet app in the App Store. The rules appear to be an attempt to nip any kind of "crypto-jacking", an increasingly common scam that hijacks a small portion of a users' device to mine cryptocurrency without them realizing. However, apps can provide cloud-based mining services.

After the cryptominer was found to contain buggy code that made CPU usage on users devices spike, Apple pulled Calendar 2 from the macOS App Store.

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In a separate clause on designing power efficient apps, the company said that "apps should not rapidly drain battery, generate excessive heat, or put unnecessary strain on device resources", adding that they "may not run unrelated background processes, such as cryptocurrency mining".

The guidelines do allow apps that facilitate ICOs, as long as they work with established banks and follow all applicable compliance laws. These conditions extend to apps providing cryptocurrency futures trading, and other crypto-securities or quasi-securities trading.

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On Monday June 4, Apple expanded on those crypto-centric guidelines with several key inclusions into specific functionalities like wallet storage and mining for apps on its App Store platform. Apps also can not offer cryptocurrencies as a reward for performing certain tasks such as downloading certain apps, or posting messages on social media.