How to create Velium Bits
Velium Bits have a trivial of 21 and is made through Smithing. The Coldain Velium Temper you need to purchase in order to make this item is sold in Thurgadin (a town of ice dwarves on Velious). The other item that's required, Small Piece of Velium, you'll have to farm from a Velious zone that drops it.
Velium Bits (Trivial 45)
Once you've collected all of the items mentioned below you'll want to place them inside of a Forge and press combine.