I host a couple of encrypted snapshots in the cloud (stuff that I can’t afford to lose), but it’s still vastly cheaper to host a massive amount of data locally.
The stuff I have locally is mostly stuff I can recover elsewhere (yarr), so redundancy without backup is good enough cost-wise.
You may want to have a dead man’s switch so that the server shuts down without your intervention, or there’s the possibility that a forensic team could retrieve the encryption key in RAM through some physical attacks.