For example, https://medium.com/fragmented-musings/295cc75cd1fd has approximately 600 words and has an approximate reading time of 3 minutes. From this we can deduce that they're assuming that around 200 words can be read in a minute. By diving 600 by 200, we arrive at 3.
http://www.spreeder.com/ says: "To train to read faster, you must first find your base rate. Your base rate is the speed that you can read a passage of text with full comprehension. We've defaulted to 300 wpm, showing one word at a time, which is about the average that works best for our users. Now, read that passage using spreeder at that base rate."
I wouldn't be surprised if Medium is calculating read time the same way. It's just aesthetically pleasing and somewhat useful.
http://en.wikipedia.org/wiki/Gunning-Fog_Index
http://www.readability-score.com/ is an online calculator that will check your text and give you an average of a few scales like the Gunning.
Here's a WP plugin that does this: http://codecanyon.net/item/minutes-to-read/full_screen_previ...
1. http://en.wikipedia.org/wiki/Words_per_minute#Reading_and_co...