Bitfarms, which has been at the center of a hostile takeover pursuit from rival Riot Platforms, is seeing its stock surge Thusady following the release of second-quarter earnings.

The company reported a net loss of $27 million or a 7-cent loss per basic and diluted share. This was better than the 11-cent per-share loss analysts expected, according to MarketWatch estimates. This compares to a net loss of $6 million in the prior year's quarter.

For comparison, Riot booked a net loss of $84.4 million in the second quarter, compared to a net loss of $27.4 million in the same period last year.

Revenue of $42 million was down 16% from the first quarter due to the decrease in block rewards following the Bitcoin halving event on April 19. The miner reported an operating loss of $24 million …