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Understanding OpenAI o1-preview and o1-mini Models

Andrey Mastykin
Written by:
Andrey Mastykin
Chinmay Soni
Reviewed by:
Chinmay Soni
Mirjan Hipolito
Fact-checked by:
Mirjan Hipolito
Updated:
February 07, 2025

Editorial Note: While we adhere to strict Editorial Integrity, this post may contain references to products from our partners. Here's an explanation for How We Make Money. None of the data and information on this webpage constitutes investment advice according to our Disclaimer.

OpenAI has introduced two new AI models:

  • o1-preview model is designed to tackle complex reasoning tasks, excelling in fields like science, coding, and mathematics by spending more time thinking.

  • o1-mini is a faster, more cost-effective model optimized for coding, offering similar reasoning capabilities at 80% lower cost than o1-preview.

OpenAI continues to be at the cutting edge of AI development, and their release of the o1-preview and o1-mini models marks an important milestone. These models are designed for users who need advanced problem-solving abilities but differ in terms of speed, cost-efficiency, and capacity.

While GPT-4o remains a go-to for general tasks, the o1 series brings a more specialized approach to reasoning and coding tasks. The key question is: How do you know which model fits your needs? That’s what this guide is here to answer.

The advancements in AI technology have always captivated developers, researchers, and even casual users. OpenAI’s newest models, o1-preview and o1-mini, represent a step forward in artificial intelligence, bringing enhanced reasoning capabilities and efficient performance to the forefront. In this article, we’ll dive deep into these models, explore their unique features, and provide actionable insights on how to leverage them effectively.

Basic facts about OpenAI o1-preview and o1-mini

The o1-preview and o1-mini models represent a blend of speed and intelligence. The o1-preview model offers advanced reasoning for complex problems, while o1-mini focuses on faster responses, making it ideal for tasks where speed and cost-efficiency are prioritized.

OpenAIOpenAI

Key differences between o1-preview and o1-mini

Both models excel in specific domains:

  • o1-preview: Offers deep reasoning and is better suited for complex tasks. Think of it as the model you use for intricate problem-solving or deep analysis.

  • o1-mini: More lightweight, providing rapid responses for less demanding tasks, particularly coding. For example, in coding competitions, o1-mini achieved an impressive Elo rating of 1650, placing it in the 86th percentile of programmers ​(source OpenAI Developer Forum).

Here’s a comparative table highlighting the differences between OpenAI o1-preview and o1-mini models:

OpenAI o1-preview vs o1-mini
Featureo1-previewo1-mini
Primary focusAdvanced reasoning and complex tasksFast, cost-efficient coding and problem-solving
PerformanceBest for deep reasoning and researchOptimized for speed and efficiency in coding and math
Use casesSTEM research, complex problem-solvingCoding applications, real-time iterative tasks
Context window128K tokens128K tokens
Knowledge cutoffOctober 2023October 2023
Pricing (Input tokens)$15.00 per 1M input tokens$3.00 per 1M input tokens
Pricing (Output tokens)$60.00 per 1M output tokens$12.00 per 1M output tokens
SpeedSlower but more accurate for reasoning3-5x faster response times
Ideal usersResearchers, professionals handling complex tasksDevelopers, users needing rapid responses and cost efficiency
Weekly message limit30 messages50 messages
API accessAvailable to Tier 5 developersAvailable to Tier 5 developers

When to use each model

  • Use o1-preview for STEM research, logic-heavy tasks, and applications requiring deep reasoning.

  • Use o1-mini for coding tasks, faster response times, and when cost-efficiency is a priority.

How to get started with o1-preview and o1-mini

Here’s a step-by-step guide to help you start using these models:

Step 1: Sign up for access

Start by visiting OpenAI’s website and signing up for access to their AI models. Whether you're using the models for personal, educational, or professional purposes, you’ll need to create an account.

Step 2: Choose your model

Once you’ve logged in, you’ll have the option to choose between o1-preview or o1-mini. Select the model that best fits your needs:

  • o1-preview for more complex reasoning tasks.

  • o1-mini for quicker responses and efficiency.

Step 3: Start using the model

You can begin interacting with the models via ChatGPT interface. Simply type in your query, and the model will generate a response based on the context and information you provide.

Step 4: Keep track of usage

Be aware of the message limits (30 per week for o1-preview and 50 per week for o1-mini). These limits reset every seven days, so keep an eye on your usage to maximize your interactions.

Step 5: Explore practical applications

Try using the models for various tasks like research, writing assistance, or even for brainstorming ideas. Both models offer unique strengths that can enhance your productivity.

Key considerations for users

Before choosing between the models, users should assess their needs:

  • For developers. o1-mini is ideal for fast, iterative coding tasks, while o1-preview is better for tasks that demand deeper problem-solving.

  • For general users. If you’re looking for quick answers without sacrificing too much accuracy, o1-mini will serve you well. However, for more complex reasoning, stick to o1-preview​.

Risks and warnings

While both models are groundbreaking, there are limitations:

  • Model limitations. Neither model supports advanced tools like file uploads, browsing, or structured outputs​.

  • Ethical considerations. Despite advancements, AI-generated content always carries risks related to bias, misinformation, and ethical misuse.

Pros and cons of using o1-preview и o1-mini

  • Pros:
  • Cons:
  • o1-preview. Advanced reasoning, great for complex problems in STEM and research.
  • o1-mini. Faster response times, highly efficient for coding tasks and iterative problem-solving.
  • Both models lack advanced tools available in GPT-4o.
  • Weekly message caps may limit usage for power users​.

How much does it cost?

Pricing is a key consideration, especially for developers and businesses aiming to incorporate AI into their workflows. OpenAI offers transparent pricing for both o1-preview and o1-mini, based on token usage.

  • o1-preview is ideal for resource-intensive tasks that demand deeper reasoning and broader knowledge. This model is priced at:

    • $15.00 per 1M input tokens (data fed into the model)

    • $60.00 per 1M output tokens (responses generated by the model)

Given its extensive capabilities and a large 128K context window, o1-preview is suited for complex tasks such as research and detailed problem-solving.

  • o1-mini offers a more cost-effective option for users focused on speed and efficiency, particularly in coding, math, and scientific tasks. Pricing for o1-mini is:

    • $3.00 per 1M input tokens

    • $12.00 per 1M output tokens

This model is optimized for faster responses and is a better fit for iterative coding applications or real-time problem-solving​.

Always keep in mind that AI is a tool, not a solution

Anastasiia Chabaniuk
Anastasiia Chabaniuk Educational Content Editor

If you're new to exploring OpenAI's models like o1-preview and o1-mini, the best advice I can give is to treat them as tools that enhance, rather than replace, your decision-making. Whether you're a developer, student, or someone curious about AI, these models offer unique strengths that can be tailored to your needs.

For tasks that require deep thought, analysis, or a complex understanding of multiple factors — whether that’s in academic research, business, or creative projects — o1-preview is the model to rely on. Its advanced reasoning ability allows it to process and synthesize information in a way that adds real value to your work. On the other hand, if speed and efficiency are more critical, like when you're running code or solving mathematical problems, o1-mini is your go-to option.

However, always keep in mind that AI is a tool, not a solution. These models can help you find patterns, clarify data, or even suggest strategies, but they shouldn’t be viewed as infallible. It's up to you to guide their usage, validate the results, and apply your judgment to the outcomes. Stay curious, keep learning, and leverage these tools to maximize your potential without losing sight of your own expertise and goals.

Conclusion

In summary, the o1-preview and o1-mini models offer distinct advantages for different user groups. Whether you need advanced reasoning or speed and efficiency, these models provide flexible solutions for AI-driven tasks. By understanding their unique strengths, users can optimize their AI experiences, whether they are developers, researchers, or general users.

FAQs

Can I use o1-preview and o1-mini models for personal projects?

Yes, both models can be used for personal projects. You can access them via OpenAI's API or ChatGPT interface, depending on your needs.

Do the o1-preview and o1-mini models support file uploads?

No, currently these models do not support file uploads. For file-related tasks, you would need to use GPT-4o or other tools that have file handling capabilities.

Is there a free tier for using o1-preview and o1-mini?

No, there is no free tier for these models. Pricing is based on token usage, with o1-mini being the more cost-effective option.

Are there any restrictions on commercial use for o1-preview and o1-mini?

No, you can use both models for commercial projects as long as you comply with OpenAI’s terms of service. Be sure to check their guidelines for specific limitations.

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Team that worked on the article

Andrey Mastykin
Andrey Mastykin
Head of Company Reviews and Ratings

Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform.

Learn about our editorial policies
Chinmay Soni
Chinmay Soni
Head of Fact-Checking Department

Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data.

Mirjan Hipolito
Mirjan Hipolito
Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets.

Glossary for novice traders
FOMO

FOMO in trading refers to the fear that traders or investors experience when they worry about missing out on a potentially profitable trading opportunity in the financial markets.

CFD

CFD is a contract between an investor/trader and seller that demonstrates that the trader will need to pay the price difference between the current value of the asset and its value at the time of contract to the seller.

Cryptocurrency

Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.

Leverage

Forex leverage is a tool enabling traders to control larger positions with a relatively small amount of capital, amplifying potential profits and losses based on the chosen leverage ratio.

Index

Index in trading is the measure of the performance of a group of stocks, which can include the assets and securities in it.

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