Just curious, why not use ShadowPlay instead of FRAPS and get an easy to use MP4 to start with?
FWIW, I see the same results with Sony Movie Studio. Same render times with GPU acceleration enabled and barely and GPU use. I gave up on it since some renders took longer. I decided to let my 4790k do its thing.
The first encode is just to reduce the size for storage purposes since the raw files are so large and I'm low on HDD space, it allows me to record more in one session and then deal with the editing later.
It sounds a lot like most people are having issues with the GPU and like you have given up which means that it's quite hard to find people in the know with this stuff.
There's nothing "broken" about Sony's implementation. You are straight-up encoding bound, and a GPU is not going to help you here.
GPUs are pretty awful on the whole for H.264 encoding; it's a fairly linear task that doesn't mesh well with the thousands of threads model that GPUs use.
This is essentially what my guess was, it seems like encoding is a fairly linear thing since the next frame relies heavily on the result of the previous, although it does seem like it could be done better, preferably by creating the key frames first across the entire encode and then having 1 thread working on each key frame. I'm fairly sure with some work they could make an encoder work better multi-threaded and that's all that seems to be stopping the GPU from using 100% of its resources, going from 5% usage to 100% would result in 20x faster encodes which is nice when some take upwards of 3 hours. Ah well.
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I'm doing this for youtube and you might be interested in the content, my Drunken Gamers channel is in my sig, we're just starting and looking for feedback both good and bad. We know the audio sucks we have a good mic on order at the moment.
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