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Would it be beneficial to clone or copy an entire site for monetization purposes?
another site that's not yours? I'm pretty sure this is highly illegal almost everywhere in the world. Could it be beneficial? If you don't get caught I think it could be.
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Do you mean to ask cloning someone's website and then using it for yourself? If that is a case it is illegal. This is like stealing from others and selling it for profit. You don't steal someone's property and sell it, same is the case with world wide web. You cannot copy websites and sell. Website cloning is just for offline viewing for research purpose.
When you copy another website, and you said the copy is in its entirety, that is clearly a case of plagiarism. No matter if the owner is known to you and if you have an explicit permission, you will be hit by search engines for publishing a copied website contents. And since you are talking of monetization then you will clearly fail in that department. If you have an Adsense account, the copying may cause your account to be suspended.
If got you correctly, you're thinking of doing a copy of your own site to double your chances of monetization, well it doesn't work that way. But if what you meant is copying another site that's doing good well I think that's okay but copying everything would be like illegal or something.