The timer intervals depend on the system clock which is hardware dependant rather than location dependant.
Normally updated 64 times per second. Certainly nothing to do with AC mains frequency in each country
There are several methods of measuring time intervals to millisecond intervals and the high resolution timer method allows you to measure to 0.1 microseconds. But precision and accuracy do not necessarily correlate.
I have tried many different methods of timing in my various speed comparison tests and some time ago wrote an article discussing the various approaches
This article compares 6 different timing methods with a view to determining the reliablility and consistency of each method.
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