Maybe make a paint brush or marker of some sort to mark the rocks along your path when deep mining it can get a bit disorienting when trying to follow your path back since all rocks look the same
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I like to place broken stones every so often along my path. I tend to have these in excess and they’re easy enough to get. I’ve found other people use trails of gleam or torches if they have the resources for those.
P.S. not saying your suggestion isn’t valid, just providing some possible workarounds 
yea i have been doing the stone thing my self but it gets a bit daunting breaking and laying i generally make like a gravel path itd be simpler if we could use like floral or berries as a crafting ingredient to make paint that just marks our path as we walk.
It’s only daunting the first time. After your first cave trip you should have plenty of stone to just take a stack with you and lay as you walk around. 
Also, currently if you logout underground the next time you log on you will be most likely taken surface.
If you’re strip mining (ie mining in a straight line for a bit, then mining 3-4 blocks over and repeating) you can just place a special block like gleam in the main corridor, that way you’ll never get lost.
In theory, you could use a combination of torches and rocks pointing the way back to the entrance using the chisel.
The idea of a paint brush is cool. I use torches for the way back.
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Just wait until signs are implemented … you can tell yourself how to get back 
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I think the idea of spraying arrows onto blocks is incredibly novel. I have no idea how viable it is, but perhaps some sort of decal or prop that orient itself based on a “place and drag” method would be something I have never seen before in a voxel. Definitely worth some consideration IMO.
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Something I did in minecraft was mark my way back with torches. I would put torches on the right wall, so, when I headed back, I knew I was going the right way because all of the torches were to my left.
That is good to know, I think I logged out in a cave yesterday. Will be interesting to see if I am on the surface when I return. I have not yet tried to log out while in a man made excavation.
Yea I was thinking like an arrow or even just like a line with like a brush texture. It could be improved with the ability to eventually paint other things like houses etc…