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You can use -z1: lzo is very quick. Even if you have a very slow CPU if will be faster than with no compression at all (which is not available): if lzo just reduces the size by 30% it means you have less data to write on your disk and the Disk I/O has a big impact on the speed. So the fastest won't be no compression, you have to make tests to see which level is the best on your machine.