Writing challenges are a great way to jumpstart a new blog if you survive the experience. I did this challenge in 2015 for two blogs the same month and almost burned out. It did boost traffic on those Blogger blogs and got the new one off to a very good start. It still gets more traffic than my other blogs. But I did this challenge as part of a group and we helped each other out by reading the posts of others in the group.
I might try this again if my schedule ever becomes more predictable, but I can't see myself doing this challenge again otherwise. I published the reasons why previously here on Medium.
However one does the challenge, it's best to be part of a group of participants or be on Medium or already have followers. Otherwise you send all those posts into a void in cyberspace. Groups tend to read and share each other's posts.