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1 barkless log = 80
1 pine planks = 210.
With pine, you pretty much want to only turn the thickest of logs into planks. 2 logs would get you 160, no matter the thickness, but 2 of the thickest logs would get you 1 plank at 210. This being 50 higher profit. However, sometimes it does take more logs. So the 240 that you'd get for 3 barkless logs could be just 1 plank for 210, losing 30.
With spruce, you'll still get 80 per barkless log, but 240 per plank. Being that it could still take 2-3 of the thickest spruce logs to make 1 plank, you'll come out ahead turning the thickest spruce into planks.
Birch at 330 and Oak at 360 planks take the thinnest logs into question. The thickest, even at 3 logs to a plank is more profitable being made into planks. The thinnest logs take 3-5 logs to make 1 plank. If it's taking 5 logs, the barkless logs are more profitable than the planks. If it's taking 3 or 4 logs, you're coming out ahead making planks by 10 or 40.
What does all of this math mean?
Pine = Most of the time will be more profitable turning into logs
Spruce = Flip a coin at how lucky you are, but only with the thickest logs to make planks.
Birch = Only turn the thinnest of the thin logs into barkless, plank the rest.
Oak = Only turn the thinnest of the thin logs into barkless, plank the rest.
NOTE: This does NOT take into account how much furniture crates can be sold for. This is only selling logs or planks to the lumber mill.
Edit:This also does not take into account how much wood chips you'd get.
I have no idea how much the different types of wood and different types of furniture crates can be sold for or more importantly, how many planks it will take. Being that there is 100+ different types of furniture, it would take a really log table to input all the numbers into to calculate profit from thick or thin logs.
Personal thoughts: I think that with the addition of log thickness now mattering with how many make a plank, this makes it so that we, the players, need to manage the lumber mill more to determine if we are going to make planks or just logs. Before, you'd just make everything planks as even the tiniest logs were treated the same as the thickest. You'd then either sleep through the drying and then sell or actually do the daily quests. On average, you're likely to get around 800 - 1 000 per day from the daily quests.