168 * 12 < 4562

That is correct. It's a little under half that. It's why I said

  If we assume that Hetzner's spending cap *doesn't* apply...

> You're saying that Hetzner is losing money?

If I were saying that, I would have said it. Unless "XXX max/mo." doesn't mean what it means in plain English, I _very_ strongly expect that it's very rare for colo customers to suck down all available power 24/7 and that Hetzner has a Stern Talk with customers who do but didn't disclose their intent to do so up front. I mean, you tell me... if you've ever lived in an apartment where your power and water was included in the rent and was metered with a whole-building meter (rather than per-unit meters), did you consume every amp and gallon that could be delivered to you, or did you use just a bit more than what was useful to you in the course of everyday life? [0]

I worked the math the way I did (even doubling or tripling the expected lifetime of the server hardware) to make the numbers as favorable for the "electricity is almost 100% of the cost of computing" side of the argument as they could reasonably be.

Are you saying that I fucked up my math?

[0] And if you're never lived in such an arrangement, ponder instead how you would behave if you did find yourself in one.