$0 per-token bill You still have electricity and capital investment. Envelope math suggests cheap electricity is costing you something like $0.50/mtok and the

$0 per-token bill You still have electricity and capital investment. Envelope math suggests cheap electricity is costing you something like $0.50/mtok and the opportunity cost on the capital tied up and lost in the unit purchase and resale is going to cost you something like $2/mtok at 100% utilization (so, frontier model prices or higher at real utilization), and you don't benefit from any elasticity. Hosted GLM 5.3 flash is like $0.15/mtok in $0.50/mtok out