Here is a good way to level up your smithing and make some cash along the way.
- Depending on your mining and smithing level mine enough ores to make 1000 of the highest bars you can make. (e.g. if mining is 60 and smithing is 45, mine ores for 1k steel bars)
- Melt all of your ores into bars and sell all of them
Note: Steps 1 & 2 can be skipped if you already have a good amount of money (about 1 million) - With the money you now have use that to buy ores for the highest bars you can make. (even though at the time you may feel like wasting money when you sell the bars you make you will make a profit)
- Make the bars and sell them.
So there you have it 4 (or 2) easy steps to level up your smithing easily and make some money.