Bitcoin mining hosting vs mining at home: which is better?

Short answer

Hosting puts your miner in someone else's facility: you pay their rate for power, and the heat is thrown away. Mining at home, you pay your own power rate, but a liquid-cooled system puts the heat to work in your hot water or home, which offsets that power. Home mining makes the most sense when you'd be paying to heat anyway.

HostedAt home, with heat reuse
Power priceThe host's contract rateYour utility rate
The heatVented away by the facilityHeats your water, floors, or hot tub
NoiseNot your problem34 dB liquid-cooled (air-cooled miners run 75+ dB)
ControlYou rely on the host to run, maintain, and return your machineYou own it, see it, and control it
SetupShip the miner to the hostA 240V circuit and a plumber, like a water heater

The deciding number is what the heat is worth to you. If you'd otherwise burn propane, oil, or electric resistance heat, home mining turns a heating bill into heat plus bitcoin. If you have no use for the heat, hosting at a cheap power rate can make more sense.