Minecraft resolution: 1920x1080
Computer specs
CPU: Intel Core I5 - 3550p
GPU: Nvidia GTX 660 TI
Ram: 16 GB DDR3 CL10
MB: Asrock z77 pro 3
Your setup doesn't seem that bad, your Graphics Drivers may be outdated. However, the first thing I'd do if the render time was bothering me would be decreasing the Framerate to 30FPS (that would decrease the rendering time by 50%).
Also, I recommend rendering 360° Videos with a resolution of at least
4320*2160, as the quality loss is immense when projecting the equirectangular video on the sphere around the camera in the 360° Video Player.