GoMining Launches Bitcoin Settlement Payment System GoBTC Pay, Challenging Square

Odaily Bitcoin mining company GoMining has announced the launch of its payment protocol GoBTC Pay, along with an open SDK and API, allowing merchants to directly integrate the Bitcoin payment system for daily goods and service settlements.

This solution is seen as a direct competitor to Block (Square)'s payment system. Unlike platforms such as Square, which typically convert merchant settlements into fiat currency, GoMining emphasizes that its entire system settlement process uses Bitcoin without relying on default fiat conversion. GoMining stated that merchants can complete transaction settlements on the Bitcoin network via GoBTC Pay, with an average confirmation time of approximately 12 hours, and it operates based on its Stratum V2 mining protocol. The system's transaction fee is approximately 0.2%, split proportionally between the wallet provider and miners. (CoinDesk)