I just want to add that oscillations about the center of the Earth are dampened due to the momentum of the entering mass.
Figures for volume of the mass continually eaten by the black hole differ by orders of magnitude going by previous posters. But the consumed material as it falls will depend on the cross section of this volume times the radius of the Earth, or cross section times density for linear mass density of path of destruction.
That mater has zero kinetic energy and a potential energy as a function of height. Gravitational field is directly proportional to radius (due to continuous spherical distribution) so potential energy is $r^2$ function. I write gravitational potential of BH as $C R^2 m$ where R is radius of Earth and m is mass (kg) of BH and C is some constant I'm not going to address. Denote linear density of path of destruction as $l$ (kg/m), and integrate $C r^2$ potential to find $1/3 C R^3 l$ to center of Earth, or $2/3 C R^3 l$ to other side of Earth.
Assume it eats material perfectly and there are no other interactions. It begins with $C R^2 m$ energy (Newtonian!) and m mass. It acquires $2 l R$ mass in one trip (assuming acquired mass is small relative to total and thus nearly touches surface again). We find the deficit in specific potential energy at the end of its trip: (P.E._end/end_mass) / (P.E._start/start_mass)-1.
$$\frac{ \frac{ C R^2 m+\frac{2}{3} C R^3 l}{m+2 R l} }{ \frac{C R^2 m}{m} } - 1$$
$$=\frac{m}{m+2 R l} \frac{R^2 m+\frac{2}{3} R^3 l}{R^2 m} - 1$$
$$=\frac{1+\frac{2}{3} \frac{R l}{m} }{1+2 \frac{R l}{m}} - 1 = \frac{1+2 \alpha }{ 1+\frac{2}{3} \alpha} - 1$$
where $\alpha = R l/m$ dimensionless parameter representing fraction of initial mass added by trip.
We assume $\alpha \ll 1$ and Taylor expand at $\alpha=0$ to find
Specific energy deficit after one trip $= -4/3 \alpha$
Looking more closely at alpha, write $\alpha = R A \rho/m$, where A is the cross sectional area I referred to and rho is the density of Earth.
$$R = 6.4 \times 10^6 m$$
$$A = 1 cm^2$$
$$\rho = 4.0 g/cm^3$$
$$m = 10^{20} kg$$
$\alpha = 2 R l/m = 2.56 \times 10^{-13}$ (fraction of BHs mass accumulated in half-trip, sounds good)
For change in height due to trip, use mgh approx and find
$$( - \frac{4}{3} \alpha ) 6,400,000 m = 2.18 x 10^{-6} m$$ Lower
It falls 2.18 micro meters lower at the end of the trip. Now, this scales directly with the area eaten, and thus with the square of the radius at which material is captured. To get a factor of 1e6, that radius would need 10 meters versus 1 cm.
Thus, dampening really IS SMALL, and the fate of the Earth would be dictated by how it eats matter while traveling at high speeds through the core. I'm going to go tell people now that the reason the LHC is underground is so that a BH won't poke out the surface if an accident happens. I love spreading disinformation.
Edit: This was my first answer given on physics SE, so I've gone back and put the equations in the right format, although the organization of the answer probably reflects its bizarre history.