A lot of proxy servers say that they change their outgoing IP addresses every X hours (many seem to do it twice daily). How they do this?
Is it something that a hosting company would do, or an ISP?
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This would be done on the router either by regularly changing the outbound gateway IP address on the routing table or by utilizing an outbound IP address pool. Some routers allow selecting an outgoing IP from a pool of addresses based on user, user class, per session, per connection, or just randomly. If the IP address changes on a schedule it is most likely a script changing the outbound gateway address.
This can also be accomplished in the browser itself if you have multiple gateways by using a Proxy Auto Config file.