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To get to “sane time”, you break up the video and have more than one encoder running at a time: http://cseweb.ucsd.edu/~gmporter/papers/nsdi17-excamera.pdf

That's only going to give you a 4x improvement on typical devices and is something HEVC can do too.

Why only 4x? Video can be subdivided into more pieces.

Because most devices are quad-core. After a certain point context-switches create a diminishing return.

Distribute across multiple machines.