> RAW files are 12-bits per color, but there's only one color per pixel
> so there are only 12 bits per pixel.

Indeed. Except with Foveon sensors in the Sigma SD cameras, CCD
sensors can only record ONE color, R, G *or* B, at every pixel.

RAW files store just that.

> TIFF files are either 8-bits per color or 16 bits per color but with
> three colors per pixel, so you get either 24 bits per pixel or 48 bits
> per pixel.

All non-raw files (usual TIFF, JPEG) need to store 3 components R, G,
*and* B, for each pixel. Therefore, schematically, for every pixel, 1
component  (R, G or B) is actually measured, the 2 others are
interpolated. Thus the bigger size for no real benefit.

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