The Mining Well will dig a hole straight down. It requires MJ, which is produced by Engines, to function. The Mining Well will stop drilling down once it hits lava or bedrock. Destroying the Mining Well without a pickaxe will result in the Mining Well being broken, with you unable to pick it up and place it again. The Mining Well leaves Mining Pipes 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. It essentially is a 1x1 Quarry.
The mining well uses 62 EU/t at max to drill downwards. Therefore, a single HV Solar Array is able to power 8 of them, via 2 energy links.
Caution: The piping left behind by the Mining Well will not fill up the entire block beneath it. Use caution when breaking your Mining Well as the block or even you may fall down the hole you have created.