Method and apparatus for monitoring and recording of the operating condition of a downhole drill bit during drilling operations

1. Field of the Invention An improved drill bit includes a condition sensor and a semiconductor memory. The condition sensor includes an electrical sensor which has an attribute which changes in response to changes in the bit condition. Monitoring and sampling circuits are utilized to record this data into the semiconductor memory. A communication system may be provided which includes a signal flow path and a selectively-actuable flow control device for controlling the signal flow path until a predetermined operating condition is detected; upon actuation, a detectable pressure change is developed in the wellbore.