Shared hosts are usually the cheapest option, and that's for a valid reason. They offer you 2 types of resources - guaranteed and shared. Guaranteed resources are usually laughably low and may not be enough to run a server for a few players. Shared resources on the other hand are usually enough to run a server with decent performance. There is a catch, though; shared resources, like the name implies, are shared between your server and other servers on the same physical machine. Your server can only benefit from having them when no other server uses them. The situation where your server fully utilises shared resources is pretty much impossible to happen, as most shared hosts oversell their resources. Like airplane tickets, the hosting site sells more resources than they have available in hopes that not all of them will be used. This often leads to situations where all servers are bogged down because there aren't enough resources to spare.
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