GoMining opens Bitcoin payment network with 12-hour settlement for merchants

GoMining opened its Bitcoin payment network to merchants and wallet providers on Friday, charging a 0.2% transaction fee for on-chain settlement through a new SDK and API suite.

"Satoshi didn't create Bitcoin to sit idle in wallets. It was designed to move value between people," Mark Zalan, chief executive officer of GoMining, said.

The company will onboard up to 10 merchants and ecosystem partners at launch. GoBTC Pay uses GoMining's private 15 EH/s mempool infrastructure and Stratum V2 technology to prioritize transactions, targeting an average settlement period of about 12 hours. The 0.2% fee is split equally between wallet providers and miners processing settlements.

Unlike payment solutions that convert Bitcoin to fiat — including Block Inc.'s Square, which defaults to U.S. dollar conversion — GoBTC Pay settles entirely in Bitcoin, letting merchants retain the asset. The approach could pressure other payment processors to offer similar native settlement options as Bitcoin's role in everyday commerce expands.

How GoBTC Pay Differs From Competitors

GoMining's service keeps the entire transaction in Bitcoin, while Square's system converts bitcoin payments into U.S. dollars by default, meaning merchants receive fiat unless they actively opt out. "Our idea isn't to squeeze bitcoin into the old fiat experience and lose what makes it bitcoin along the way," Zalan said. Merchants who want fiat will need to handle the conversion themselves.

The Gen1 release provides merchant onboarding tools, payment management systems, online checkout integrations, developer documentation, an open API, and a web-based dashboard. Participants gain access to all these tools as part of the initial rollout.

GoMining's incentive model rewards infrastructure participants directly. The 0.2% transaction fee is split 50-50 between wallet providers and miners processing settlements, creating a revenue stream for both groups while supporting Bitcoin payment adoption among merchants and ecosystem partners.

Company Background and Backing

Founded in 2021, GoMining enables users to earn Bitcoin through NFT-linked hashrate rather than owning mining hardware, with operations across global data centers. The company is backed by Bitscale Capital, powered by Bitmain infrastructure, and secured through BitGo custody. Tal Cohen, former chief executive officer of Kraken US and an ex-McKinsey and Google executive, joined GoMining's advisory board last June.

The launch comes as Bitcoin payment infrastructure gains traction, with Block Inc. rolling out similar services through the Lightning Network. Block's system defaults to fiat conversion, highlighting the strategic divergence between the two approaches to Bitcoin commerce.

This article is for informational purposes only and does not constitute investment advice.