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 Beetle Scale Mail set (12, plus 30 with fully-powered Beetle Might buff), Well Fed (buff) (5), Tipsy (buff), (10), and the five accessories Feral Claws (12), Power Glove (12), Mechanical Glove (12), Celestial Stone (10), and either the Sun Stone or Moon Stone (10) (though the Fire Gauntlet (9) works at every time of day), 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.

Mining speed of various tools is however not affected by the bonuses above, it is only boosted by specialized Mining bonuses. However the weapon speed prefix will improve mining speed.

Note: Even though you have a incredible attack speed you must take the monster's invincibility time into consideration. Generally speaking, no invincibility time is applied when referring to projectiles that do not penetrate, but those that do penetrate or explode are not in this case. Normally it is 1/6 seconds(10 ticks) while there are some exceptions ranging from 5 ticks to 20 ticks.