Does Satan dwell in a bottomless hot pit?

In a manner of speaking, yes he does. Satan was an angel, then he felt that he deserved to be more powerful than god, so god cast him into complete separation from god, he also sent all the angels who supported satan as well. This bottomless pit is known as Hell. Hell is a terrible place, worse than anything you can imagine, God represents the good, so if hell is complete separation from god then hell represents the bad. Those who do not accept jesus christ as their lord and savior will be damned to burn in hell for eternity.