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Cyrus Banks
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Posted - 2007.10.15 18:48:00 -
[1]
What is the formula to figure out the most profitable ore to mine? I am trying to figure it out but I was not sure if it was figured based on one single perfect refine then multiplied by the density of the ore. I know that the prices will change but I am just trying to get a base formula that I can work with.
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Rastadeen
Minmatar
Sphere Design Inc.
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Posted - 2007.10.15 19:24:00 -
[2]
Edited by: Rastadeen on 15/10/2007 19:26:15
First you find out what minerals you get from each ore. Veldspar= only trit.. get the current price on trit..which is somewhere around 3.80 isk per unit atm. If you can mine lets say 50.000m3 of veldspar per hour (which is more like you mine per cycle with perfect skills in a hulk) you check 50k veldspar refine.. if thats lets say 300k trit.. u multiply price*300k= isk ammount u mine an hour. Alot of excel spreadsheets out there you can use as well. If you want to find out how much u mine per cycle u just do the same with ammount of ore you mine per cycle. 5k veldpsar (find out how much trit u get from 5k) 10k trit*marked price= how much u mine in isk per cycle.
But you wont really get a good number on how much isk your pulling in from that im afraid. Theres alot of variables where your lasers arent going full speed. So to best get an estimate just mine an ore for 1hour and do calcs based on that. Since then you will get real numbers including the parts where your chasing the ore.. or astroids blow up etc..
Short answer: marked price of mineral * amount of said mineral(s) you mine per cycle/hour= isk you get per cycle/hour
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BigNorm
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Posted - 2007.10.15 19:33:00 -
[3]
Thats essentially the process, but you need to do some converting, certain ores have different volumes/refines. For veldspar, it takes 333 units per refine, from that refine you get 1000 tritanium. At 3.20 per tritanium (closer average in my area) thats 3200 isk per refine. If you mine 333,000 units of veldspar, then you will make 3,200,000 isk. In my retriever, I can mine about 250,000 units of veldspar an hour, so I can make about 2,500,000 isk per hour off veldspar. Other ores take more of the ore per refine. Higher end ores require more of the ore to refine, so you cant mine as much of the mineral as fast, but generally the minerals they give provide a higher profit.
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Kale Palodo
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Posted - 2007.10.15 19:58:00 -
[4]
well essentially I am trying to figure out the base ore that is best to mine. Not what is best for me to mine but the ore that is best based on the market value of the minerals. So if you get 1000 trit from 333 units of veldspar is that better to mine based on the price of trit or would it be better to mine the scordite that has trit and pyerite. I know that the density of the ore I think figures in to it though. That is kinda what is throwing me for a loop. Fubar's sheet give a full perfect refine of veldspar at 3.2 a value of 8.05 isk/unit of ore. but if the density of that ore is .1 then is the isk/m3 80.5 then? since some of the ores have a higher density that would effect how profitable they are, even if they refine out to have a higher value they may not be worth it if you can bring in more veldspar.
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Rastadeen
Minmatar
Sphere Design Inc.
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Posted - 2007.10.15 21:04:00 -
[5]
If you mine 1500m3 on your laser..then thats what your gonna mine of that ore. Now as ores vary in density you have to take that into account. 1500m3 veldspar is like 45k units. While 1500mr3 arkanor is prolly more like 220ish units. So offcourse if you wanna find out in teory you have to consider density. But if you wanna mine highsec..just go out mine 1 cycle of something. Check how much u get from the refine, then multiply with marked price...voila.
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Kale Palodo
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Posted - 2007.10.15 21:19:00 -
[6]
What I am looking for is figuring the best ore by market and market only. No mining involved. Look at the prices of the minerals and the yield of minerals the the base ore will give per refine. Then figure out which ore has the highest isk/m3 solely based on the market pricing. Then you know what to go and mine. This will figure there is a perfect refine with no taxes paid. It is easy to figure out what you can go and make a profit on based on the skills you have and the ships you pilot. But from a market stand point, what is the most profitable ore per m3 of cargo space. that is what I am looking for.
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Horchan
Gallente
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Posted - 2007.10.15 22:18:00 -
[7]
Well then, there's only one thing for you to do. Make a spreadsheet (or program) that lets you put in the current market prices for the minerals, and then, using the ore information (refine volume, yield/refine), gives you the isk/m3 ratio for the various ores.
There's no easy answer, and that answer changes with the whims of the mineral prices. So you might as well make yourself a handy tool to help you.
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Yes, I enjoy being an ********. No, your opinion doesn't really matter. |
BigNorm
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Posted - 2007.10.15 22:32:00 -
[8]
Now that it is more clear what you are looking for, I have a know a useful website that gives the information you are looking for.
http://eve.grismar.net/ore/index.php
This gives you the isk/m^3 numbers based on current market prices. It tells you what will produce the highest ammount of minerals, and links you to sites that let you find the best asteroid belts and prices of ore.
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Tres Farmer
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Posted - 2007.10.15 22:37:00 -
[9]
Edited by: Tres Farmer on 15/10/2007 22:39:26
...here you can see the containments of ore (should be exactly the info you wanted - look at rightest column):
http://eve.grismar.net/ore/index.php
Or you look those values up by yourself in the item-database in the left upper corner here and play with excel ;)
[edit: BigNorm beat me to it, damn I'm slow :(]
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Kale Palodo
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Posted - 2007.10.15 23:04:00 -
[10]
I am using this information for a program that will calculate all the information for you. This formula is the only thing that is stumping me. I can probably figure out what I think is the way to do it. But it may not be correct, which is why I posted up. I will keep looking around.
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zzCoins
Caldari
Odessa Operations
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Posted - 2007.10.16 09:37:00 -
[11]
Relative profit = value of 1 unit of ore divided by the volume of a unit
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Loraen
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Posted - 2007.10.16 10:24:00 -
[12]
 Originally by: Kale Palodo
I am using this information for a program that will calculate all the information for you. This formula is the only thing that is stumping me. I can probably figure out what I think is the way to do it. But it may not be correct, which is why I posted up. I will keep looking around.
What, Grismar.net's table isn't good enough? Keep in mind that you mine X m3 of ore per cycle, not X units of ore (Unit gain is a simple multiplication of the yield m3).
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Aykido
Gallente
Lobster of Babel
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Posted - 2007.10.16 11:36:00 -
[13]
Make a couple of tables in excel and link them into a formula.
in one table make input mineral prices
if you name the input boxes you can drag the formula once the first line in second table is working. Or fasten the input boxes in the formula with $ signs.
second table:
ores - m3/batch - refine/batch - value/batch (link to you price input) - value/m3
and voila!
Selling PERFECT PRINTS of all seeded T1 BPO: modules, rigs, drones, ammo and ships (2 ships missing), and most capital modules too! Also any INVENTED T2 BPC and max run invention prints in bulk! |
Dretzle Omega
Caldari
Psychedelic Party
Stellar Economy Experts
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Posted - 2007.10.16 12:59:00 -
[14]
Everyone has been giving more or less good advice, but if you visit this mining guide, it shows you how to do the calculations yourself.
If you're wanting to compare two ores you first need to check out how much you need to refine and how big each ore is. For example, pyroxeres and scordite both need 333 units to refine, but pyroxeres is .3 m3 and scordite is .15 m3, so you can mine twice as much scordite as pyroxeres in the same amount of time.
Now look at the refining yield. Scordite gives you 833 units of Tritanium and 416 units of pyerite. But remember, we mine twice as much scordite as pyroxeres in the same time, so multiply that by two for our comparison. So that's 1666 units of Tritanium and 832 units of pyerite. If you can sell Tritanium for 3.5 ISK in your area, and pyerite for 4.5 ISK, that makes your scordite, in comparison to pyroxeres, worth 9575 ISK. Pyroxeres yields 844 Tritanium, 59 pyerite, 120 mexallon, and 11 nocxium. If mexallon is worth about 33 ISK in your area and nocxium 150 ISK, then the price for comparison of pyroxeres would be 8829.5 ISK. So, in this example, scordite would be worth more for you to mine, even though it yields lower end minerals, mainly cause you can mine twice as much. You have to stay on top of mineral prices, though, because those prices will change. Nocxium could come back up in price and pyroxeres become more valuable, for example.
Also, pay attention to the price for base ore in your area. For example, right now for me, it is more worthwhile to sell kernite whole than it is to refine it and sell the minerals. This might mean that it's needed somewhere for missions and people just want to buy the kernite to complete the mission, as one example. In cases like that, it might be more worthwhile to sell the ore whole.
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Cesar Malari
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Posted - 2007.10.16 19:28:00 -
[15]
Edited by: Cesar Malari on 16/10/2007 19:28:26
Unless you have differing levels of skills, the best ore to mine for profit is the one worth the most per m3 of the ore.
Here's a little tool I threw together that calculates the value of a single m3 of all the kinds of ore available in a system using the regional price (or prices you enter). It should be IGB-safe:
http://gunfleet.org/igb/mining.php
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Dretzle Omega
Caldari
Psychedelic Party
Stellar Economy Experts
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Posted - 2007.10.16 19:53:00 -
[16]
Originally by: Cesar Malari
Edited by: Cesar Malari on 16/10/2007 19:28:26
Unless you have differing levels of skills, the best ore to mine for profit is the one worth the most per m3 of the ore.
Here's a little tool I threw together that calculates the value of a single m3 of all the kinds of ore available in a system using the regional price (or prices you enter). It should be IGB-safe:
http://gunfleet.org/igb/mining.php
Nice little tool. The only thing the miner will need to stay aware of are prices of the ore whole, as opposed to refined. I entered the prices of the minerals in my system and it came up with Fiery Kernite at ~ 117 ISK per m3, but I know that I can sell regular kernite closer to 160 or greater ISK per unit, which is about 133 ISK per m3, simply cause I sell it whole. So use the tool, but remain aware of the market, which is always good advice for Eve anyway. :)
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Tanaka Vinck
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Posted - 2007.10.16 21:52:00 -
[17]
That's because the price of kernite, to an extent, doesn't depend on mineral prices, but depends on what mission runners are willing to pay to complete the storyline mission "Materials for War" or whatever it's called, by buying kernite at an inflated price in order not to have to go mine it themselves. That will only allow you to unload kernite so fast (depending on how many mission runners in your area and how many miners are supplying the storyline station) so it's probably not a good benchmark to use in pricing your ore.
To the OP, I have spreadsheet that does exactly what you're looking for. I'm happy to share it if anyone has a suggestion where I should post it.
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Dretzle Omega
Caldari
Psychedelic Party
Stellar Economy Experts
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Posted - 2007.10.17 13:22:00 -
[18]
Originally by: Tanaka Vinck
Edited by: Tanaka Vinck on 16/10/2007 21:59:52
Edited by: Tanaka Vinck on 16/10/2007 21:58:20
That's because the price of kernite, to an extent, doesn't depend on mineral prices, but depends on what mission runners are willing to pay to complete the storyline mission "Materials for War" or whatever it's called, by buying kernite at an inflated price in order not to have to go mine it themselves. That will only allow you to unload kernite so fast (depending on how many mission runners in your area and how many miners are supplying the storyline station) so it's probably not a good benchmark to use in pricing your ore.
I believe you are absolutely correct, but it in no way invalidates my comment. :)
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