Best compression while maintaining quality

[exeoe4]

I was just curious what programs (Handbrake, VidEncoder, etc) and settings MakeMKV users are using to compress MKV files. I'm especially interested in learning what compression settings people are using for 1080p Blu-ray conversions. I'm OK with sacrificing some quality to save 20GB of disk space, but what are some recommendations that would allow me to maintain high video quality and achieve a reasonable file size?

[dcoke22]

Reducing file size while keeping features

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