What am I doing wrong?

[johndoe1027]

Yes your battery is seeing 98 watts, 23.33 amps, discharge at 4.2V. But your battery has internal resistance and the mod has some resistance also which takes away from what the atty sees. At these power levels you're doing pretty good with voltage across the coils of 3.5v and that's 68 watts.

Ah, you were factoring in all of that, which I never think about. Thank you for the explanation.