The whole episode is one search. They're in a cave of giant mushrooms, red ones, brown ones and green slime ones, and somewhere in it is an emerald. The title card calls it Emerald 12. It takes them about half an hour to find it.
Blocks and nether wart
Chat wants to make sure they don't forget the nether wart this time. They want to grab some so they can make potions "and never use them."
One of them didn't bring any blocks. The other has a lot of blocks and isn't sharing any, then shares some anyway. "Now we can both be Jenny from the block."
Gravity sucks
It doesn't take long. A creeper falls out of something, lands next to Scoti, and the chat line reads "Scoti_Garbidis fell from a high place." "Gravity sucks." "I did not react appropriately." Then it's back down to get the stuff, Mending boots included.
The level is busy. Zombies and creepers spawn on top of the big flat mushrooms and fall off, and on both sides of a pit there are spider spawners. "If we needed a spider spawner, that's a really good spider spawner." They break them anyway. A chest nearby turns out to be brewing supplies, which they already have a few of. They take them.
All the iron
The cave is full of iron ore, and Basket mines it. A lot of it. "All the iron are belong to me." Basket counts 60 at one point and figures four were missed. A gold pickaxe on iron ore gets them nothing, which answers that question.
A zombie drops 18 cookies. That seems like a lot until they remember the weapon has Looting III. The cookies get eaten to clear inventory space.
Up the pipes
Two green pipes cross the middle of the cave with water pouring out of both. Something tells them to go up there, and if nothing else it's a better view. Up in one of the mushrooms there's a doorway to dig into and a chest. It holds a diamond pickaxe and some bottles. "So it wasn't the emerald, it was goodies."
On top of the tallest brown mushroom there's a sign. It reads "Mojang?! Wat r u doin?!" So where's the emerald? "We could just disassemble the whole map."
False leads
They check the waterfall, the water pools, the vines and the green glass on both sides of the entrance. One piece of green glass looks promising. Behind it is a torch. "Why was that like that?" Another zombie drops 13 XP bottles.
The search drags on, and it gets a little honest. "I appreciate that you're entertaining this whole wanting to be a completionist thing." "Trust me, if we weren't friends I wouldn't be doing it." Whoever is carrying the emeralds is fine with it: "I get my jollies out of holding the emeralds hostage." This is the last episode of the day for the stream.
Found it
"Found it." It's in a corner they never went into, where the zombies had been coming from, and there's a big hole in the ground. Scoti is down in the hole when Basket gets there.
They head back up the waterfall and save the celebrating for the start of the next episode.