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Have you done this? I've run remnant alternatives and quite honestly the RPMs almost make it pointless.

I'm talking $0.01 - $0.05 CPM when Adsense was averaging ~ $3

You're saying you only made 5 cents after generating a thousand clicks on an ad?

In this situation, CPM is likely based on impressions, not clicks.

Most of the also-run ad networks do that, yes.