Newbie- Recycle plastic chips into new material?

[Liminal]

Disclaimer: I'm an utter newbie.

I'm contemplating getting into hobby CNC, and since it's a fair investment I'm trying to really think out all the angles before I start spending any money.

I anticipate that I would commonly be milling plastic parts, but the environmentalist in me shudders at all those plastic chips going to waste. I imagine they could probably be chucked in the recycle bin, but I'm wondering if a more direct form of recycling might be possible.

Could one melt down the chips into a mold to make new blocks of raw material? It would be a grand thing if my manufacturing process wasted almost no material at all.

I realize the answer to that probably depends on exactly what type of plastic, but I don't know enough about what I'm doing yet to say. I'd welcome any suggestions.

Thanks!