Destroying the Mining Well with a pickaxe will result in the Mining Well being dropped, with you able to pick it up and place it again. One should be careful to sometimes place a block under The Mining Well to ensure the dropped block does not fall down the hole it has created, thus being needed to be retreived, or sometimes replaced, espeically if the well hit lava. It may also have dug into a cave leaving the player vunerable to mob attacks if on easy or higher
The Mining Well leaves Mining Pipe down the hole it drills, which can be punched away and reused (or recycled).
Blocks that the Mining Well digs out pop out of the Mining Well, unless there is a pipe attached, or a chest next to the mining well. It essentially is a 1x1 digging quarry, except it is less expensive
The Mining Well can be converted/upgraded into a Pump.
The Mining Well cannot be crafted from a pickaxe that has been used even once