Ask HN: Anyone chase bug bounties for a living?

I've been looking into whether I could do some bug (security) bounties on the side to make some extra cash, but I might be out of my depth. I'm having trouble picking a place to look. Do I go for the big payouts that will take more time/knowledge, or go for smaller ones?

I wanted to see if anybody here is able to make a living out of it and ask some questions:

  * How do you pick a target?
  * How often do you find bugs?
  * How good are the rewards?

Thanks!