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Bitcoin mining company GoMining has introduced new integration tools for GoBTC Pay, a payment solution that allows merchants to accept Bitcoin directly without automatic conversion into fiat currency. The company aims to compete with Block's Square by offering a fully Bitcoin-native payment experience.
GoMining has released a software development kit (SDK) and API for GoBTC Pay, enabling merchants and platforms to integrate Bitcoin payments into their services.
Betting on native Bitcoin payments
Unlike most existing payment solutions, including Square, GoBTC Pay settles transactions entirely in Bitcoin. Merchants who want to convert their revenue into fiat currency must do so separately.According to GoMining CEO Mark Zalan, the company is not trying to adapt Bitcoin to the traditional payment system. Instead, it aims to solve the key challenges of crypto payments, including high fees and slow transaction confirmation times.
Powered by Bitcoin mining infrastructure
GoBTC Pay operates directly on the Bitcoin network using the Stratum V2 mining protocol developed by GoMining.The platform targets an average settlement finality of about 12 hours. Merchant fees are set at 0.2%, with the revenue split equally between miners and crypto wallet providers.
During the initial rollout, GoMining plans to onboard 10 merchants before gradually expanding the ecosystem.
Competition in Bitcoin payments intensifies
One of GoMining's main competitors is Block, the fintech company founded by Jack Dorsey. Its Square payment platform also supports Bitcoin payments via the Lightning Network.However, Square converts Bitcoin payments into U.S. dollars by default, while GoMining is targeting businesses that want to retain part of their revenue in Bitcoin.
Earlier, Jack Dorsey's Block introduced Builderbot, an AI-powered software development platform. According to the company, the tool already accounts for about 15% of all production code changes across its engineering teams.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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