Instead of pyro+ you can buy a set of protection 3 diamond armor fir around 8-14k
also you can silk touch the ores if you're planning on storing/stockpiling ore :3

 

fire prot is the best protection for mining armor.


also, I just need to say: digging in a 1x2 tunnel is the most efficient method. efficiency is measured by how many new blocks you reveal with each block broken. a 1x2 tunnel reveals four new blocks with every block broken (left, right, top, front). You cannot beat four blocks revealed. All other tunnel shapes are less than this.

 

For me, I think a additonal good way to make money mining is not so much how you mine it, but what your mining. I agree with you BRYCEY on where to dig and with what to dig with. I dont know if this is what ECC intended, and I dont know if there changing this, but Redstone sells for more per ore than iron, even though a individual redstone is less than a iron ore.

You usually can find 4 redstone for each redstone ore you find. If each one its $2.50, then that equals $10 which is over the $7.50 that you get for 1 iron ore. And you have to spend at least $1 on coal (if you didnt find any) to cook the iron for selling. So in reality, $10 per redstone ore or $6.50 (subtracting the cost of the coal to cook it) for the iron ore. Take your pick.
You can also find more redstone per ore pocket (what I call a group of ores underground) than iron. And redstone is much, much more common than diamonds.

Sorry for my long explaination on how I mine. Aside from what I said I agree with BRYCEY on how to get rich on mining.

 

For me, I buy a Ton of fire-resistance pots and drink one when I hear lava. Works. Also, I have 2-3 picks/shovels, so I buy cheap trips before logging off for the day. Now granted I seldom mine, but partners using other methods have died, while I lived.