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Compression and calculation efficiency are two key problems for light field coding. While nearly all works focus on one quality and neglect the other, this paper introduces a novel color block truncation algorithm using hierarchical bit-plane prediction (CBTC-HBPP) to chase for them both. This approach first performs two-color-truncation in block classes extracted from the whole light field. The yielding bit-plane and a const index table make decoding and rendering easy and fast. Hierarchical bit-plane prediction is employed to compressed bit-plane further. Different from motion and disparity estimation, this bit prediction has only a two-value result and it can be carried out fast. Both moderate compression and calculation efficiency are achieved.