Instead of an instance, you could just rent a dedicated server with some mirrored TB of drives.
For example, https://www.server4you.com/dedicated-server has 2x 2TB for $25/mo in St. Louis, MO and unmetered bandwidth.
OVH Cloud in the U.S. has servers with 32GB of RAM and also 2x2TB drives starting at $59/mo and unmetered bandwidth. (both of these are French companies that are expanding into the U.S.) If you are interested in other locations (including Canada), check out ovh.com, kimsufi.com, and soyoustart.com (all part of the enormous OVH global footprint).
If you're in EMEA, or don't mind an extra 100 or so millisecond (SSH works fine), check out OVH and Scaleway (France), and of course Hetzner (Germany). Each of these offer dedicated servers for very reasonable prices, and copious amounts of bandwidth with reasonable pings to almost anywhere.
For example, https://www.kimsufi.com/us/en/servers.xml currently has 500GB hard drive servers with Intel Atoms available for $5/mo in both Canada and France, or bigger hard drives for just a few bucks more. This is OVH's cheapest line of servers, but OVH does a pretty extensive burn-in test before deploying them to you, and they tend to be pretty solid. (keep backups in case a hard drive fails, but that's always a good idea anyway.)