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What you're doing is what I believe is commonly called Adsense Arbitrage. That is, your goal is to buy low cost traffic and convert it into high-cost clicks. For a blog, I don't really see this as a feasible option since the main goal of many blogs is to attract visitors to their content, not push them away through links.
Again, the goal would be to target relatively low volume, obscure keywords you can get for near the minimum possible, and convert those into high paying clicks. Your CTR has to be superb for this to work and make a profit.
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