After doing a lot of digging, I finally discovered an old OSXDaily.com article 
from 2012 that claims the following:

"The encryption process can be very quick for smaller drives like USB keys and 
SD cards, but can take quite a while for large external hard drives used for 
backups or personal data. Be prepared to wait a bit for anything larger than a 
few GB in size, as the general encryption-to-GB time ratio seems to be about 
1GB per minute."

Okay, so 1GB/min it is. Wait, 5TB would mean ... 5,000 minutes! That's 83⅓ 
hours!! That's THREE AND A HALF DAYS!!! I think the drive will a steaming lump 
of metal by then! 

Ah, had I but known this before starting...
-Carl

> On Jul 9, 2016, at 12:51 PM, Carl Hoefs <[email protected]> 
> wrote:
> 
> I just hooked up a new external Seagate 5TB HDD, reformatted it Mac OS 
> Extended, Journaled, and repartitioned it to have 1 GUID partition. All's 
> well with that. 
> 
> Mount Point : /Volumes/Untitled 2     
> Format :      Encrypted Logical Partition     
> Capacity :    5 TB (5,000,265,859,072 Bytes)
> Available :   5 TB (4,998,959,538,176 Bytes)
> Used :                1.31 GB (1,306,320,896 Bytes)
> Owners Enabled :      No      
> Number of Folders :   19      
> Number of Files :     66
> 
> Next, I turned on encryption. This made the drive *very* busy, and it's been 
> chugging away for about 4 hours now! Surely there's no need to encrypting the 
> formatting, so what on earth is it doing? The only files on the drive were 
> placed there by OS X for the default Spotlight DB. 
> 
> I had plans to restore my other failing external HDD to this new one today, 
> but I was hoping to have a quiescent drive...
> 
> Can someone explain why encrypting an empty drive should take hours and hours?
> -Carl
> 
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