I made 807 mil in a 3 hour session doing that the night before last. If you go to the right station, you can get 7 factions all giving missions to kill the same faction of pirates. You have to accumulate the missions over a period of time when you're not playing by logging on and checking the mission board occasionally. Last night the missions had dried up a bit, so only got about 400 mil; however, I just found a ststion that had ten such missions at one visit. The trick is to keep the number of pirates for each faction in balance. I kill at 40 mission targets an hour, so I aim for total missions pirate count of 120 max for any faction.
If it's money and materials you want, shoot the pirates in a low resource extraction site, where they hardly fight back. It's very boring, but great for beginners who don't have a strong ship. As an experiment, I parked an all turret battlship in one with 5 tons of cargo on it protected by point defence, and left it there overnight. I came back in the morning to find that it had killed 230 ships while I was asleep. If I had loaded up with massacre pirate missions, it probably would have completed them all without doing anything.
Don't forget to do it in A Lavigny Duvall space and deliver the 100T of garrison supples to get rank 2 for the 50% bonus on bounties. That works out at about 40 mil extra per night. Also, you should be using a KWS, which gets you about 30% exta bounty money. Overall, those two things make a big difference. For 3 hour in a haz RES, you get about 56 mil (19 mil/hr), but the 30% +50% takes it up to 110 mil (36 mil/hr). That's wothout any missions.
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