The cold buys less than you think.
The assumption is simple, and nearly everyone shares it. Colder servers draw less power and last longer, so a cold room pays for itself. Our month did not back that up.
Between the coldest run and the warmest, the power our servers drew hardly changed. There was a gap, but it was small, far smaller than the figures quoted when someone is selling cooling. Stretched over a month, it came to very little.
Reliability told the same story. We logged every fault in every run. The warmer rooms did not produce more of them. The failure rate held flat from one end of the range to the other.
So where does the money go
Not into the servers. It goes into the cooling. Chilling a room to 18 °C and holding it there takes steady energy, and that bill arrives every month whether the servers need the cold or not. That is what a cold data centre really costs, and most of it guards against a problem our test could not find.