*NEW*
I have calculated a conversion rate for iron->iron, iron->diamond, diamond->iron, and diamond->diamond based off of cost to make a pickaxe vs average resources found while mining. These ratios assume you mine at layer 12 and don't find any caverns. Any caverns increase the ratio dramatically, but I'm still working on making a mathematical calculation for what this ratio is. All ratios are based off of generated percentages on 2 maps. With time I will use larger maps and a larger sample size, but I am comfortable enough with the margin of error at this point.
Iron->Iron - 1.5 iron found for every 1 iron spent. Or, 4.5 iron found for every iron pickaxe.
Iron->Diamond - 0.27 diamond found for every 1 iron spent. Or, 0.8 diamond found for every iron pickaxe.
Diamond->Iron - 9.5 iron found for every 1 diamond spent. Or, 28.5 iron found for every diamond pickaxe.
Diamond->Diamond - 1.67 diamond found for every 1 diamond spent. Or, 5 diamond found for every diamond pickaxe.
*/NEW*
Here is a quick breakdown of mining math to show you what type of pickaxe you should use depending on what ores you are looking for.
SUMMARY
Diamond Pickaxe = 14.4 diamond/hour, 240 iron/hour, 12000 cobble/hour
Iron Pickaxe = 28.8 diamond/hour, 72 iron/hour, 9000 cobble/hour
Stone Pickaxe = 19.2 diamond/hour, 120 iron/hour, 6000 cobble/hour
*NOTE All times are calculated for actual mining time. This does not include wasted time between mining blocks, walking, crafting picks, placing torches, etc. However, this math is perfect as far as ratios go. So, if you want to get more diamond, the best way to do it is by using iron pickaxes. If you don't want to use the iron, it's better to use the stone pickaxes. Just remember you will spend a lot more time crafting and equipping pickaxes this way.
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