As far as I know, it is still working and there is a reasonable amount of faucets using AdBit.co network. However, I would not recommend them as it is very hard to find advertiser to advertise on your site especially if you site are new. My site
http://bitrevenues.com/ was accepted into MellowAds network last month and I switched my AdBit.co code to MellowAds. I'd suggest you to go with A-ads, MellowAds and then BlockAdz. With three networks, you should be able to fill in all your advertisement spaces.