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GoMining vs Square
GoMining unveiled the GoBTC Pay SDK and programmable access for its bitcoin payment protocol, aiming to let merchants accept BTC for everyday purchases.
“GoMining challenges Jack Dorsey's Square with payments system designed around bitcoin GoMining unveiled a software development kit and programmable access for its bitcoin payment protocol GoBTC Pay, allowing merchants to accept BTC for everyday purchases”
The company said its system differs from rivals because “the entire transaction is completed in bitcoin,” while competitors including Square convert the bitcoin amount into U.S. dollars by default.
GoMining also said it plans to recruit an initial 10 merchants as part of the rollout, and it built GoBTC Pay to enable bitcoin payments settled directly on the Bitcoin network with an average settlement time of around 12 hours.
GoMining said merchants will pay 0.2% in transaction fees, shared 50-50 between wallet providers and miners, and it described the service as preserving non-custody and onchain finality.
In the same push to challenge Square, Block has been rolling out a bitcoin payments service that allows businesses to accept BTC using the Bitcoin layer-2 network Lightning.
Fees, settlement, and rollout
GoMining’s GoBTC Pay launch was framed as a direct competitor to Block (Square), with merchants integrating Bitcoin payment systems for daily goods and service settlements through the SDK and API.
Bitget’s write-up said GoBTC Pay settles exclusively in Bitcoin without relying on default fiat conversions, and it put the average confirmation time at around 12 hours based on GoMining’s Stratum V2 mining protocol.
Bitget also said the system’s transaction fee is approximately 0.2%, divided proportionally between wallet providers and miners.
CoinDesk reported that GoBTC Pay was built to enable bitcoin payments settled directly on the Bitcoin network using GoMining’s Stratum V2 mining protocol, with an average settlement time of around 12 hours.
CoinDesk added that GoMining’s CEO Mark Zalan said, “Our idea isn't to squeeze bitcoin into the old fiat experience and lose what makes it bitcoin along the way.”
A push for BTC-native commerce
CryptoRank described GoMining’s tool as Bitcoin-native merchant payment infrastructure that defaults to BTC settlement, charges a 0.2% fee, and reports average settlement times of about 12 hours.
“Bitcoin payments have long been one of crypto's most ambitious promises”
CryptoRank said the product directly challenges Block’s Square by offering competitive fees versus 1.5–3.5% card costs and by enabling merchants to hold Bitcoin as treasury.
CryptoRank also said merchants who prefer fiat would need to arrange conversion separately through an exchange or other service, rather than receiving fiat by default.
In CoinDesk’s account, GoMining said it is “preserving non-custody and onchain finality,” positioning the system as a way to solve “the high and variable fees, the slow and unpredictable settlement” while keeping BTC payments on-chain.
CoinDesk reported that GoMining’s GoBTC Pay was unveiled Friday and that Block’s Square continues expanding Bitcoin payments across its merchant network, including through Lightning.
