GOOGLE HAS NOW JOINED APPLE IN BANNING CRYPTOCURRENCY MINING APPS IN STORE

Google has now joined Apple in banning cryptocurrency mining applications from its mobile app store.

*According to a report from a industry media outlet Android Police on Thursday, the internet giant revealed its shift in stance in a recent policy update for Google Play developers.

*"We don't allow apps that mine cryptocurrency on devices. We permit apps that remotely manage the mining of cryptocurrency," the policy states.

*The restriction comes at a time when Google and Apple are both beefing up efforts to curb activities related to cryptocurrency mining on their platforms.

*In April, Google banned cryptocurrency mining browser extensions from its Chrome web store after the company discovered a "vast majority" failed to comply with its single purpose policy or were malicious.

*And, just last month, Apple updated its mobile application policy for iOS developers to prohibit any application that can be used for mining cryptos on mobile devices.

*Such moves to limit openly disclosed crypto miners come as covert versions appear to be peaking in popularity in the world of cybercrime.

*Kaspersky Lab, the Russian cybersecurity company, said in a report last month that incidents of crypto-jacking – in which bad actors hijack a user's device for crypto mining – spiked by 44.5 percent over the past year.

*Similarly, a Skybox Security report just days prior suggested that illicit cryptocurrency mining has now become more popular than ransomware. In a mid-year update, the firm said that crypto miners now account for 32 percent of all cyberattacks, while ransomware only makes up 8 percent. At the end of last year, those figures were almost exactly reversed.

CRYPTO-MINING :

*Mining for virtual currencies has become profitable in recent years thanks to rapid rises in the valuations of established and new coins. The process of mining often requires huge amounts of processing power if it is to be done quickly.

*Mining is intrinsic to the operation of most crypto-currency systems because it is the way that the distributed computer systems keep track of who spent or transferred which coin. Typically those maintaining this log of transactions get regularly rewarded with new coins.

*Some groups have been building vast crypto-currency "mines", stacking hundreds of computers under one roof to create digital currencies as quickly as possible.

*When mining is done "on device" there is a risk that the smartphone will overheat as a result of intense processing. The mining can also quickly deplete batteries.

*Some malware gangs have also moved to adopt crypto-currency mining. Many poorly-protected websites have had mining code inserted on them to use visitors' computers to generate the cash.

*The crypto-currency mining restrictions are one of several changes Google has made to its developer policies.

*It has also restricted apps that deal with the sale of guns, ammunition and explosives.

*Google also warned that it would start to remove apps that copy other programs in the Play Store and add nothing new or unique...

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