DOWNHOLE SYSTEM FOR DETERMINING A RATE OF PENETRATION OF A DOWNHOLE TOOL AND RELATED METHODS

A method of determining a rate of penetration of a downhole tool. The method comprises introducing a downhole tool including a drill bit configured to drill through a subterranean formation in a wellbore, the downhole tool comprising at least one reader configured to communicate with identification tags using electromagnetic radiation. The method includes advancing the wellbore with the drill bit and placing, with a component of a bottomhole assembly of the downhole tool, a first identification tag at a first location proximate the wellbore and at least a second identification tag at a second location proximate the wellbore and separated from the first location by a distance. An interrogation signal is transmitting from the at least one reader toward a wall of the wellbore and response signals from the identification tags are received by the at least one reader to determine proximity of the identification tags to the reader. A rate of penetration of the downhole tool is determined, using a processor and associated memory, based at least in part on a distance between identification tags and an amount of time between receiving response signals from a first identification tag and at least a second identification tag. Downhole systems for determining a rate of penetration and other methods are also disclosed.