Bitcoin mining company Gomining has launched GoBTC Pay, a service that helps companies accept bitcoin payments more easily.

CoinDesk reported that Gomining has formed a competitive dynamic with Square, a subsidiary of Block.

Gomining stressed that the entire transaction process is handled only in bitcoin, which it said differs from existing services. Competitors including Square settle merchants in fiat currency even when customers pay in bitcoin. If Gomining merchants want fiat currency, they must cash out themselves.

Gomining CEO Mark Zalan (마크 잘란) said, "We have no intention of forcing bitcoin into existing fiat payment methods and making it lose what makes it bitcoin." He said the goal is to solve practical problems such as high and volatile fees and slow, hard-to-predict settlements, while maintaining a non-custodial approach and on-chain finality.

GoBTC Pay uses Gomining's Stratum V2 mining protocol to settle directly on the bitcoin network, with an average settlement time of about 12 hours. Merchants pay a 0.2 percent transaction fee, which is split evenly between the wallet provider and the mining company.

Fintech firm Block, co-founded by Jack Dorsey, has expanded its own bitcoin payment service over the past year. The service, which uses the Lightning bitcoin layer-2 network, converts bitcoin into U.S. dollars and pays merchants by default, with merchants able to choose to receive bitcoin.