From Terraria Wiki
The Hive Wand is a tool allowing the player to place Hive Blocks, which are not placeable otherwise. Hive Blocks must be in the player's inventory in order to place them. It is dropped by the Queen Bee.
- You cannot get infinite honey by placing hive blocks and mining then replacing them because hive blocks do not drop when honey is formed.
- Knocking out a honey block placed with the hive wand will still spawn bees, regardless if player-placed or naturally spawned.
- 1.2.4: Fixed bug where tile wands did not consume items if you had high tile placement speed.
- 1.2: Introduced.