One 1080p transcode = ~2GB RAM, one 4K transcode = ~4GB+ and you'll CPU-throttle. With 4GB total you're looking at direct play only, or single 1080p transcode with everything else stripped down. No QuickSync on these CPUs so it's all software.
For the price, buy a used Optiplex and colocate it. Or use Hetzner's dedicated auction with an iGPU if you can find one.
It's always DNS. Always.
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