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Slow speed will not typically ruin the edge unless we are talking carbide, in which case it will very likely chip if run too slow. Double or triple HSS spindle speeds when running carbide. High speed steel is not likely to be damaged, but you will be wasting a lot of time and will very likely break a drill bit if it is run too slow. Too slow a speed will result in a poor surface finish in all cases and, in the case of drilling, a tendency for the bit to grab as it sort of rubs and then suddenly digs in. Key point I gleaned from a manufacturing process book I picked up the thrift store years ago, "...finish will improve with increased speed until the tool fails due to heat." I had a guy at work trying to cut a seal surface on a welded up bushhog shaft in our huge Pacemaker lathe. He was running at 20 rpms and the tool was just tearing metal off, leaving an awfully rough finish. I walked over and threw the machine speed up to about 300rpms. "I'm trying to be very careful," he protested. I explained that spindle speed had nothing to do with being careful and that he was never going to get a slick enough finish at such a low speed. He finished the work in about three minutes and it was perfectly slick. There are three basic factors that determine how a piece of metal cuts. Hardness, depth of cut, and surface speed. Increase any one and more heat is generated. So if the metal is extremely hard, you have to slow down and feed very lightly. If the metal is fairly soft, you can feed heavily, but you may need to back the speed down if you really get on it. If you run the spindle fast, you will have to back off the feed a bit, but the cut will still go very fast and the finish wil be good. The trick is to find the ideal balance that doesn't burn the bit up, doesn't wring the bit off and that allows you to do the work relatively quickly. The sharpness of your tool is also a factor that regulates speed and heat. Dull bits generate more heat, so they dull faster, so they generate more heat, so they dull even faster, etc.... in an every tightening spiral until it either burns totally up or wrings off. Nothing will demonstrate this effect like putting an even slightly dull drill bit to titanium.
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