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Honesty in modern america nerd herds... LOL
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The biggest server cost is hosting this website. When Swish posts 3,000 times a day, mailer@eqemulator.net and Amazon SES have to go into overdrive.
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A periodic topic on the forums, OP. Estimates range from 50k-90k per year, after expenses and overhead. Starting 16 year old elf sim emulators is very lucrative and basically turnkey. There was a feature on it in The Robb Report a few years ago. Apparently the community is quite small, and most of the serious operators (including the people who run p99) run multiple game emulators and pull in a tidy 6 figure income.
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