In the interest of efficiency, I will be undertaking an extensive mining operation in the game. No more tunnels for me. Anyway, how long do you suppose it might take to dig a 100x100x50 unit shaft or, 500,000 blocks?
How long to mine 500,000 Minecraft blocks?
Even with top tools it could take days unless you are very devoted and have a VERY empty schedule one day.
With the right tool, (meaning a pickaxe for stone, a shovel for dirt, etc.) it would take 138 hours. Or… 6 days.
If you load the mod BuildCraft you can use the Quarry to dig the blocks automatically. Depending on the power source it will probably take it quarry a little longer than doing it by hand except it won't be bothered by monsters, running out of tools, or stopping to need to eat. It can mine a 64x64 area at once and mines all the way to bedrock. At max power it can do it in about three hours I think.
The Ender Quarry of the Extra Utilities mod could mine the entire 100x100 area at once with enough fences, but it should be noted that it deliberately does not pick up dirt. It also doesn't leave a blasted hole in the landscape, since it replaces the blocks it takes with dirt.
If you have the right mods and resources I have seen a construction based off of mining wells that can reach bedrock in less than five seconds. They normally only effect one column of blocks, but with sufficient mods you can create a moving platform that keeps the wells busy. The power requirements of such a system are huge, but such a build could obliterate terrain.