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by A-Train 1596 days ago
To some extent it depends on the settings of the tournament because engines can work in the background and analyse position while it is not their turn. It is called ponder.

Time management is based on some heuristics built into the engine. Some positions that are being evaluated are more dynamic and engines have rules to evaluate positions which are settled down.

As for the hardware if 2 CPU engines are playing they have exactly the same resources. The problem arises when one engine is GPU based and the other is CPU. In this situations balancing the compute power is hard but even then they normally have the same time allocated.