Candy Cane Pickaxe

It falls out of Presents, so you get it by luck during the Christmas window rather than by working toward it. Mining power puts it level with the gold and platinum tools, which cuts two ways. If you already own one of those, this changes nothing except how your character looks while digging. If a present hands it over before you have found any gold, it skips a whole tier of ore hunting and gets you into obsidian and the evil ores early.

Rounding on the mining speed calculation means several modifiers land on exactly the same result. Legendary is the nominal best because of the extra damage and knockback, but for digging it is identical to the cheap speed rolls. Spending gold rerolling this tool buys you nothing.

Its internal name has two letters transposed, so the game files have carried a misspelled version of the word candy since it was added. The matching weapon is the Candy Cane Sword.