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It depends on whether the "power save" function is enabled. The camera either turns itself off after five minutes (if not recording), or it powers down the tape heads after five minutes. So it would be possible to have it power down the heads but still be turned on for hours and hours.
Just shot 15 mins of test footage and had the camera on for about 1 hour and the internal clock is now at 127. To answer your question yes it goes by how long the camera is on.