The crypto market is looking bearish. There are many issues surrounding the cryptocurrency market that it is becoming extremely difficult for both investors and for its miners. In fact, Apple recently updated its guidelines in App store. Apple instructs any developer to refrain from producing software that runs background checks that are unrelated.
Its policy included:
“Design your app to use power efficiently. Apps should not rapidly drain the 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”
But there is also a condition that makes mining an exception. The description in the guidelines says that it allows apps to mine cryptocurrencies only if the process is going to be done off the device. And this is referring to cloud-based mining.
“Mining: apps may not mine for cryptocurrencies unless the processing is performed off device”
Cloud-based mining works by allowing users to make use of shared processing power. However, this option isn’t as profitable as buying your own gear.
However, it isn’t just about mining. There were also instructions that pertain to wallet, crypto exchange services, ICOs, futures and securities trading, and other cryptocurrency-based rewards.
Protection to Users
The new guidelines may look like a restrictive policy against the crypto industry. However, there are users who are complaining regarding malware and phishing attacks. It is quite common that there are those who practice cryptojacking. Cryptojacking allows hackers to make use of other computer’s computational power in order to mine cryptocurrencies.
Just take a closer look at what UNICEF did. Instead of asking people for money, instead, they were able to donate their computational power for a greater cause. Here, visitors of the website were able to donate computational power in order to mine Monero.
In addition to this, you also have to take into consideration the cons of mining using your mobile device. In terms of the electricity consumption and the possibility of damaging the unit due to excessive heat, these are some things that Apple is trying to protect its users.
The only way that you can earn some cash from cryptocurrencies on your phone is when you make use of other devices in mining. And this is exactly what the hackers do.
Cost of Mining
Cryptocurrency mining isn’t simple. In fact, it requires a lot of computational power and electricity. In addition to this, there are also issues in different places regarding policies that surround crypto mining. And for this reason, there are those scammers who simply hack other people’s devices and make their computer do the legwork. Recently, a Russian website was hacked where its visitors were victimized.
Is Apple doing a good move? If you will look at Google, you will see a good number of cryptocurrency malware. Perhaps, this is something that Google Play could change in the future. There are those apps that are disguised as a legitimate crypto service only to have a malicious intent. Unfortunately, Google always acts reactively after users have downloaded them.