I urge you strongly read a book (borrow or buy) or the articles/links in the Aquatic FAQ for further information on setting up a tank and Co2 regulation.
1bps is probably fairly safe for fish/shrimps for 24/7 but it tells you nothing about your Co2 concentration. BPS is a fairly useless way of looking at Co2 levels. Use the KH/pH table to do so instead. But i suspect you will need much more CO2 to allow your plants to grow optimally (esp if you have much lighting)...... if you find your plants are melting or doing poorly, the only suggestion i have now is to increase your CO2 cautiously (a little each day) and monitor your fish's reaction.
personally, i wouldn't keep more than 30 cardinal tetra size fish in a tank of your size.
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