I think, as said above, that most money is made from ads. The donation money is just enough to cover the server costs.
Most people think that noone should make money on filesharing, but then we have some trackers that make a decent amount of money. I believe itīs pretty expensive to put a banner on like Torrentleech with 300k+ users.
But for more serious ones they skip the ad and ask politely for a couple of more donations when the server bill is due if it is needed.
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