Originally Posted by funkywizard

There are a couple of cheap providers in Europe — OVH and Hetzner. If you aren’t considering those, I don’t think Europe is cheaper. And the US has cheap providers as well, but maybe they’re not as large?

There’s scaleway/online too.
OVH has a few cheap entry level offerings but their mid/high-end are not cheap.

To the original question, maybe German’s negative bund yield plays some part (is it still? don’t check day to day). That combined with H having been in business for a long time probably means they can get near 0% financing on their purchases. The rest in the same region and market segment are probably just playing catch-up with a competitor.