The timer is based on your computer's clock. It says 22 hours 47 minutes for me right now.
Not sure what my computer's clock has to do with it though. The cycle started at 7:30 PM EST. It is now 8:15 PM EST. About 45 minutes have passed. The game clock shows there being 22 hr 45 mins remaining meaning the game clock claims that 1 hour 15 minutes have passed. The game clock is about 30 minutes off.