Attack speed

Attack speed in Terraria is handled like movement speed: additive bonuses except the cap is at 4 times original speed. However use time, or the time it takes to swing (attack) or use an item, is reduced instead of increased. Use time of 30 is slower than use time of 10. See weapon list for an organized view of this.

Max increased attack speed (for melee) is above 95% using Hallowed Mask set (29), Well Fed (buff) (5), Tipsy (buff), (10), and the five accessories Feral Claws (12), Power Glove (12), Mechanical Glove (10), Fire Gauntlet (9), and either Celestial Stone (?) or Moon Shell or Moon Charm, each reforged to Violent (20). When combined with the fastest melee weapon, the Bladed Glove, a player may execute a full melee attack in roughly 0.05 seconds, or twenty times per second.

Even though most tools are also melee weapons, increasing "melee attack speed" via accessories and armors will not increase mining speed; however, the set bonus from Mining armor will increase mining speed. Testing indicates that the "+% speed" from the "Common" category of weapon reforges on pickaxes do increase the mining speed of the pickaxe, so if you have a surplus of resources it is a good idea to keep re-crafting your pick until you make one with a "+% speed" bonus on it. Similar testing still needs to be done for axes and hammers.