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How to compress JPEG images from the command line on Linux

Image resolution of today’s picture taking gadgets (e.g., smartphones, digital cameras) keeps increasing. Even 36.3 Megapixel Nikon D800 recently hit the consumer market, and this trend will continue. While modern gadgets continue to produce increasingly high resolution images, we may often want to post-process and compress their sizes before uploading them to a storage-limited and bandwidth-restricted cloud.