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Most my free blogs get around 1000-2000 hits daily. It adds up if you have a bunch with specific original niche content.
As long as you SEO properly you can manage some pretty good $$$ out of them.
Having many is key if you are going the free adult blog route.
It all depends if you want to babysit the same blog day in and day out, or just make many posts per blog and let the runoff traffic take care of the rest after the search engine marriage dies down.
You'd be surprised at how many blogs stay on top due to low competition.
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