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

1. Field of the Invention A drill bit for use in drilling operations in a wellbore, the drill bit having a bit body including a plurality of bit legs, each supporting a rolling cone cutter; a coupling member formed at an upper portion of the bit body; at least one temperature sensor for monitoring at least one temperature condition of the improved drill bit during drilling operations; and at least one temperature sensor cavity formed in the bit body and adapted for receiving, carrying, and locating the at least one temperature sensor in a particular position relative to the bit body which is empirically determined to optimize temperature sensor discrimination.