Bitcoin Mining Firm GoMining Launches GoBTC Pay Protocol to Challenge Square's Payment Services

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According to CoinDesk, Bitcoin mining company GoMining announced the launch of GoBTC Pay, a Bitcoin payment protocol with software development kit (SDK) and API interfaces, on June 19. The protocol allows merchants to accept BTC payments directly for everyday transactions, directly competing with Block's Square service.

GoMining's key differentiator is settlement in Bitcoin rather than automatic conversion to fiat currency. Built on the Bitcoin network and Stratum V2 mining pool protocol, GoBTC Pay processes transactions with an average settlement time of approximately 12 hours and charges merchants a 0.2% fee, split between wallet service providers and miners.

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