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I think he means that he's being swamped with less-than-3-cent clicks.
Unfortunately, even in niches with high CPC (up to 2 US$ per click), it's inevitable that some advertisers will manage to squeeze their bid prize to as low as .... 1 cent.
2 months ago, the lowest CPC was 3 cent. Since last January, the lowest CPC is 1 cent.
It's even worse than the pre-Adsense-post-dot-bomb days.
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