Running a PHP Server Status Script

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I have a PHP script which checks whether a site is down using CURL. I want to know how to run it. My problem. I have 500 sites in my list. I was thinking of setting up a Cron job which will run in a regular interval. I have a shared hosting server by Hostgator. Will that Cron job consume too much resources? How can I calculate that and the time interval to set?

Any suggestions or ideas are welcome. :)

Thank you.

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