Live-high-train-low (LHTL): the gold standard
Drs Ben Levine and Jim Stray-Gundersen are the ones who worked this out. LHTL means you sleep and rest up high, usually around 2,000 to 2,500 meters (about 6,500 to 8,200 feet), to kick off the red-cell and hemoglobin response, but you drop down lower for your hard sessions so thin air does not water down your training. You get the blood benefit of living high without paying the tax of trying to train high.
The thing that matters is time, not the workout. The research points to roughly 12 to 14 or more hours a day of thin air for about three to four weeks to move your blood markers, and when it works it is often worth around a 1 percent gain. That is why doing it backwards, living low and only training high, does not get you the same thing. The stimulus is the hours you spend breathing thin air, not the few hard ones.