I am trying to optimize the size of my website. A scan revealed my favicon was by far my largest asset, even bigger than my fonts (dw, those should be gone soon as well).

I found a nice article describing how to do this (with the same information available verbatim in github gists and stackoverflow). All these sources were marked out of date, but this is not completely accurate.

While Imagemagick no longer appears to optimize/shrink the final favicon, it is still useful to know to create shrunken intermediate assets. My original favicon was 260kb uncompressed, and now its 15. While this is still larger than the sum of the intermediates (1 + 2 + 4), its still large savings for me.