The Paperwhite calculates your reading speed. It uses this to estimate how long it will take you to finish a chapter, or a book. It's fairly accurate after reading some time.
This is all the Paperwhite does. It does not store the total time spent reading. You will have to keep track of this yourself.
You could submit a request to Amazon, to see if they implement it into their firmware, and then keep track of it per day, week, and month... and show it in a nice graph trough a menu option.
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