GoMining Challenges Block with Bitcoin Payment Protocol SDK
2h ago|4 min readStandard
Fazen Markets Editorial Desk
Collective editorial team · methodology
bitcoinpaymentsgomining
Fazen Markets Editorial Desk
Collective editorial team · methodology
Trades XAUUSD 24/5 on autopilot. Verified Myfxbook performance. Free forever.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The majority of retail investor accounts lose money when trading CFDs. Vortex HFT is informational software — not investment advice. Past performance does not guarantee future results.
GoMining unveiled a new software development kit and programmable access for its GoBTC Pay bitcoin payment protocol on June 19, 2026. The release enables merchants to accept bitcoin for everyday purchases without intermediaries, positioning it as a direct competitor to infrastructure from Jack Dorsey’s Block. The protocol processed $4.2 million in transaction volume during its initial closed pilot phase. This development marks a significant escalation in the battle for dominance in bitcoin-native payment rails.
The push for scalable bitcoin payments has intensified with the maturation of the Lightning Network and recent merchant adoption trends. Block, through its Cash App and Spiral divisions, has been a dominant force, processing an estimated 80% of all Lightning Network transactions in 2025. GoMining’s entry directly challenges this hegemony by offering an alternative that integrates with its existing bitcoin mining-powered rewards ecosystem. The launch capitalizes on growing merchant demand for lower-fee payment options as credit card processing costs continue to rise, which averaged 2.24% per transaction for US merchants in Q1 2026.
The current macro backdrop of sustained inflation pressures has increased interest in non-traditional settlement assets. Bitcoin’s fixed supply and apolitical nature present a compelling case for merchants seeking to preserve margin. GoMining’s protocol bypasses traditional payment processors entirely, offering settlement finality and reduced counterparty risk. The catalyst for this specific launch was the successful conclusion of a three-month pilot program with over 200 merchants, demonstrating the technical viability and consumer demand for the service.
GoBTC Pay’s pilot program involved 217 merchants and generated $4.2 million in total payment volume between March and May 2026. The average transaction size was $47.30, significantly lower than Block’s reported average of $125 for bitcoin transactions, indicating a focus on smaller, everyday purchases. Merchant adoption fees are set at 0.75%, undercutting Block’s typical 1.5-2% fee structure for small businesses and traditional credit card networks.
The protocol settled transactions with an average confirmation time of 1.8 seconds, leveraging both on-chain and Lightning Network capabilities. This compares favorably to the 3-5 second average for traditional credit card authorizations. GoMining’s native token, GOMINING, reacted positively to the news, climbing 14% to $0.37 on the announcement day. The broader Bitcoin market cap held steady at $1.28 trillion during the announcement, suggesting targeted interest rather than broad market impact.
Payment processors face incremental competitive pressure from bitcoin-native alternatives like GoBTC Pay. Block (SQ) shares typically react negatively to developments that threaten its payment fee revenue, which accounted for $5.8 billion in Q1 2026. Established fintech firms like PayPal (PYPL) and Square could see margin compression in their merchant services divisions if adoption accelerates. Crypto exchange tokens like Coinbase (COIN) may benefit indirectly through increased overall bitcoin transaction volume and network activity.
A significant limitation for GoBTC Pay remains the regulatory uncertainty surrounding bitcoin’s treatment as a payment instrument in key markets like the European Union and parts of Asia. Tax implications for merchants accepting bitcoin as payment create additional friction that may slow adoption. Current positioning data shows crypto-native payment platforms receiving increased venture capital interest, with $320 million invested in the sector during Q2 2026. Flow tracking indicates institutional investors are accumulating bitcoin infrastructure plays while reducing exposure to traditional payment processors.
The Bitcoin 2026 conference in Nashville (October 28-30) will serve as a key testing ground for merchant adoption announcements and potential partnership revelations. Regulatory clarity from the European Central Bank’s digital currency working group, expected by September 15, 2026, will determine expansion possibilities for EU-based merchants. Technical levels to monitor include Bitcoin’s key support at $65,000; a sustained break above $70,000 would likely accelerate institutional interest in payment infrastructure builds.
Transaction volume metrics for GoBTC Pay will be the primary indicator of success; sustained monthly volume above $3 million would confirm product-market fit. Watch for Q3 2026 earnings calls from Block and PayPal for management commentary on competitive threats from bitcoin payment alternatives. Merchant adoption rates in the retail and e-commerce sectors will determine whether this remains a niche product or achieves mainstream scalability.
Merchants integrate the GoBTC Pay SDK into their existing point-of-sale or e-commerce systems. The protocol converts bitcoin payments to local currency at the time of transaction at a 0.75% fee, significantly lower than credit card processing rates. Settlement occurs directly to the merchant’s designated wallet without intermediary holding periods. The system automatically handles volatility risk through instant conversion, protecting merchant margins.
GoBTC Pay operates as an application layer protocol that can utilize multiple bitcoin transaction layers, including the Lightning Network for microtransactions and on-chain settlements for larger purchases. The Lightning Network is the underlying infrastructure, while GoBTC Pay is the merchant-facing product that simplifies implementation. This distinction allows GoBTC Pay to offer faster settlement times and lower fees than vanilla Lightning Network implementations.
Increased utility as a medium of exchange could positively impact bitcoin’s network value through greater transaction volume and holder adoption. The metric to watch is the velocity of bitcoin used in payments versus held as storage of value. Historical data shows payment use cases have less impact on price than institutional investment flows. Significant merchant adoption would need to scale beyond pilot levels to materially influence bitcoin’s market capitalization.
GoMining’s payment protocol introduces credible competition to Block’s bitcoin infrastructure dominance.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
Vortex HFT is our free MT4/MT5 Expert Advisor. Verified Myfxbook performance. No subscription. No fees. Trades 24/5.
Trade the assets mentioned in this article
Trade on BybitSponsored
Open a demo account in 30 seconds. No deposit required.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.