I've decided to write this post after wasting a lot of time while trying to submit my first post.
If you do a quick search about this topic you might find these articles:
Although they were not wrong and they have served their purpose, they are all OUTDATED.
The trick explained in these other posts is still valid, however the old domain (namely https://img1.steemit.com) is no longer valid.
The new valid prefix URL you should use is: https://steemitimages.com/50x50/ where the first 50x50 represents width X height.
So for instance if you have an image:
https://steemitimages.com/DQmcKYjeDDCXMiUhvV2prUbrZx2HG2A8rpevTUNQMTkqNpx/rick.jpg
You can resize it by prefixing the URL https://steemitimages.com/WxH/ with the desired size:
https://steemitimages.com/50x50/https://steemitimages.com/DQmcKYjeDDCXMiUhvV2prUbrZx2HG2A8rpevTUNQMTkqNpx/rick.jpg
At the moment it's only possible to resize an image while keeping the Aspect Ratio. This means that even if you specify a size of 100X400 on the image above (which is squared) the resulting size will be 100X100 regardless.
Enjoy!