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Even just the electricity needed to power a gaming PC is expensive.

The average electrical energy rate is 10.3 cents per kwh. A gaming PC might consume 750 watts. So it cost an average of 7.7cents/hr to power a gaming PC. Hardly expensive.

Of course, both cloud and PC gaming requires things like router, monitor, etc that consume electricity. I think it's fair to assume those things are equal between the two setups.

Edit: Average cost is for US. 750 watts is a good power budget for a gaming PC, but of course machines can be made that consume much more power or gaming capable machines can be made that consume less.

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