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The server console is the console from which server commands may be issued. This console is usually the dedicated server daemon itself. On a listen server, it is the first client's console. Most servers also provide "rcon", or "Remote CONsole", for access to the server console.
Access to the server console is likened to having root access to the server, as any command or configuration change can be issued. As such, it is important to keep access to the server console (for example, the rcon password) restricted to trusted people.