Not at all, go on any low end forum and you'll have a ton of offers way cheaper, in term of reliability long-term+price point, sure, but there is a ton of VPS that are $5-10 a year for 2GB RAM out there (then of course, those providers are always a gamble in term of durability).
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[ 7.3 ms ] story [ 29.3 ms ] threadJun 6: $60.09/month ---> Jun 15: $153.59/month -Same provider/region/plan.
In that span we reran the benchmarks and found the infrastructure behavior was nearly identical despite the 156% price increase.
this thing of renting compute - prices will continue to increase till maybe demand goes down, or supply for components catches up.