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Due to license constraints, the minimum lease for Apple silicon-as-a-Service is 24 hours. As a result, a Mac mini M1 can only be deleted after a minimum allocation period of 24 hours.
Each Mac mini M1 can have one IPv4 IP address and one IPv6 subnet (/64).
It is not yet possible to reinstall your Mac mini M1, however, it will be soon. To have a fresh macOS installation, you have to delete your Instance and create a new one.
You can backup your Mac mini M1 using a backup solution of your choice.
For example restic for backups from the command line, or Arq Backup for backups from a graphical interface. Both solutions allow you to store your backups safely on our Object Storage.