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it doesn't seem to be working very fast. CPU activity barely hits 10%
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Usually that means the CPU is not the bottleneck. I'd guess the limiting factor is your hard drive, with the read/write head jumping around and trying to read all those files at once.
If you have more than one drive, sometimes it helps if you read from one drive and render to another, and solid state drives can help too since there is no read/write head and therefor no seek time
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And render time estimates for the whole file are in days.
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That seems kind-of long to me, but I don't mix 32-tracks so someone else can weigh-in on that.