That is definitely a risky approach mining Bitcoin. I would have been way more successful if I had started small.

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Would you recommend starting small with hosted miners, since electrical cost would be less? My thought is to pay the higher rates (still profitable) and mine at home.

Personally I would not do hosted unless I was a part owner of the site and could physically inspect it and whoever was running it. Depending on your electric costs, timeline and goals, mining at home can be a great option.

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