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As in, not the miner's timestamp in the blockheader which can be +/- 2 hours, but the receiving node's local time. My concern is the real-world time that elapses between blocks.

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When your bitcoin node connects to another node it requests the current timestamp from the node. It stores this value to calculate the offset from your PC's clock. As you may be aware the bitcoin network calculates the network time based upon the average offset of the peers that it is connected to. This will never alter the systems clock more than 70 minutes in regards to network time calculations.

References: Block timestamp

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