Goblin Tech

It adds three readouts: the most valuable ore or block within range, your current damage per second, and how fast you are actually moving. The damage figure is the one worth having. It is the only honest way in game to compare two weapons against the same target, since tooltips lie about real output once modifiers, ammo and accessories are involved.

Informational gear works from anywhere you can carry it. Leave it in a spare inventory row or a Void Bag and it still reports. The only argument for putting it in a real slot is if you want its reforge to count, which for most builds is not worth the space.

In multiplayer the readouts carry to teammates standing near you, so one person in the group can cover everyone. Treat it as a stepping stone rather than a keeper, since it eventually folds into the combined info device and there is no reason to hold it separately after that.