I'm a believer in having at least two physically separated backups. One in a good cloud service like Amazon S3 or Wasabi plus one that is local will do the job and protect against disasters affecting one backup or the other.
Previously I posted about my excellent experience using Arq to back up my family's Macs and Windows machines to Wasabi and, for a local backup, to a refurbished, Celeron-based, USB3-equipped Chromebook Acer C720p that I re-provisioned with Linux to run the minio S3-clone object database. It came with a 16GB internal SSD for its operating system, and my backup disks are simple, cheap USB3 hard disks with their own power supplies since the Chromebook can't be counted-on to power several USB3 hard drives. Of course the Chromebook has its own battery to serve as a UPS, though that won't do anything for the drives.
Getting it working was a fun geeky rainy-day adventure. It's worked brilliantly for getting close to a year now. Linux may be a geekfest, but once it's running, it runs like a hose!
The refurb Chromebook was attractive for its low electricity consumption, decent performance, 4GB RAM and fast USB3 connectivity to the backup drives. Its cost was attractive, too, considering it included a keyboard and display. I'd considered something like a Raspberry Pi, but until the new v.4B, the 'Pi had severely crimped networking capability since its network traffic was routed through its USB2 bus. Meanwhile I tried another card with a true high-speed Ethernet port and found its software abysmal and its community pretty useless. So, Chromebook it was, for me.
However, as noted in my previous posts, not all Chromebooks are amenable to a Linux installation. I didn't know this but got lucky in choosing a model that is well-regarded for Linux capability. Your mileage may vary.
But now there's a great alternative: the new Raspberry Pi v.4B is faster and comes equipped with an honest-to-goodness fast Ethernet port as well as USB3 (
https://www.raspberrypi.org/products/raspberry-pi-4-model-b/).
Configured with 4GB RAM (very worthwhile), it costs around $55.
Minio is available for it (
https://www.thepolyglotdeveloper.com/2017/02/using-raspberry-pi-distributed-object-storage-minio/).
Now, in addition to the 'Pi you'll need a case --ideally with a fan, as the new 'Pi gets hot and will throttle under heavy use. Be sure to get a compatible SD card and power supply, and you'll want a keyboard, mouse and display at least for setup.
Again, the cost of the refurb Chromebook looks decent if you can get a model that can be Linux'd. But you may prefer the more elemental approach of basing everything on a Pi. Once running, you can disconnect the monitor, keyboard and mouse and it'll just run forever.
FYI, then. It's a different approach that might be attractive for your local backup solution.
Meanwhile, Wasabi has been flawless and is considerably cheaper than S3. My very few support questions have typically been answered within a couple hours. Highly recommended.
Either way, the machine running minio can be used for other things too, such as a personal VPN, web server, Homebridge setup, or whatever you want. Let the geeking begin!
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So even though one takes the precaution of storing backup on two hard drives, there is a non zero probability that both could go bad when they aged.
Sorry to hear this. Yes, it's a matter of when not if that a drive will die. This goes for SSDs too. They are more durable for the reasons you list, but when they fail they tend to fail utterly and irretrievably, whereas a spinning-disk drive may give some warning and be partially recoverable.
It's an argument for having a cloud-based solution as one prong of your backup strategy. Arq's encryption is performed on the machine being backed-up, so privacy issues are well addressed.