Jim posted a blog last week about Facebook’s growth. But all that growth comes at a price.

TechCrunch crunched the numbers and it doesn’t look pretty. The company is likely spending well over $1 million per month on electricity alone. Bandwidth: another $500,000 a month. Servers: $100 million to buy 50,000 servers at $2 million each in the next year. $15 million per year for office and data center rent payments. And $10 million a month on payroll for the company’s 750 employees.

Add it all up and the company is spending well over $200 million a year. Revenue is looking up, at $265 million a year, according to eMarketer. But then there’s the economy. If online advertising starts to tank, Facebook could be in trouble.

Part of the problem is that much of Facebook’s growth it outside of the U.S. Says Comscore: Facebook users in the U.S. were a healthy 41 million, but overseas Europe bests the U.S. at 48 million. 19 million users are in Africa and the Middle East, 26 million in Asia (16 million in India alone) and another 16 million in Latin America. As a result, only one in four Facebook users come from the U.S.

So, what’s wrong with that? With most advertisers in the U.S., those international users are hard to monetize. Plus bandwidth costs overseas are higher than in the U.S. International growth may be killing Facebook.

Facebook was supposed to have money to last it until 2010. Board member Jim Breyer said he wasn’t worried about profitability or going public until at least 2009. But that was in 2007. In today’s economy, the IPO market has dried up, and money is hard to raise. Facebook may need to raise money overseas. TechCrunch sources reported that Facebook CFO Gideon Yu was in Dubai this week exploring fundraising options.

We’re not worried about Facebook going under: Current owners are too invested to let anything drastic happen to one of the tech industry’s highest flyers. But the company may find itself facing some serious dilution if the economy doesn’t turn up and its war chest starts running out in the next year or two.