A method includes receiving a drill bit design. The design specifies a design parameter for a plurality of cutter elements of a drill bit. The method also includes estimating a temperature value for the cutter elements based on the design parameter and a drilling parameter; estimating a wear value for the cutter elements based on the design parameter and the temperature value; updating a value of the design parameter for at least one of the cutter elements based on the wear value and a time period; and using the updated design parameter value, repeating the steps of estimating the temperature value, estimating the wear value, and updating the design parameter value until the design parameter value for the at least one of the cutter elements reaches a threshold value.
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