it depends a lot on the quality of your traffic - if your blog is a general nature traffic quality is very low and you will have problems finding advertisers.
For narrow niche blog you have much better chance.
Also it's important if you show complete article on the home page or just part of it. If complete article is shown not many users will go to the single article page.
If you can find advertisers or even use affiliate banners you have much better chance to make money that with Adsense or similar networks.
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