Chlorophyte Pickaxe

They mine the same things, so pick on handling. The drill is quicker in a straight line, but the pickaxe reaches further and it responds to mining speed bonuses that the drill ignores completely. Stack a Mining Potion and the right gear and the pickaxe climbs past its own listed speed while the drill sits exactly where it started. The extra reach also saves constant repositioning when you are cutting a shaft or clearing a room.

The Pickaxe Axe covers the same tier, costs a comparable pile of bars, and replaces your axe at the same time, so most players go straight there and never come back for this. Build the pickaxe only if you have a chlorophyte farm running and specifically want the reach and the speed scaling.