You could probably charge something.
You might run into the problem I had a while back, where although you could sell the advertising, the transaction cost almost outweighs it (OK, so you don't need to pay $10 for foregin exchange on checks  ) but there will probably be some extra costs.
I would say use the space to improve your traffic, then advertise, but if the bandwidth is a problem maybe that isn't such a good idea
I suppose there's no harm in trying to sell some space tho.... Theres nothing to lose 
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