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well for me.. i've got around 300,000 page views per month but i hardly generating any money
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Interesting ... I have 1/10 of your traffic and making $200-$500 USD per month from Adsense.
Here're some suggestions
1 - put Adsense at the top of your site and use the HUGE billboard type that fits 4 ads ... not the small banner size.
2 - Look into your website log and see where you visitors are coming from. Search engines? If so ... what were they looking for?