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Image compression is one of the major services in space flight mission and remote sensing system. This paper presents a high speed and high performance image compressor for future spacecrafts and micro-satellites. The proposed compression core is based on a modified CCSDS algorithm and the processing speed is improved 40 times using parallel architecture and pipeline technique. The experimental results indicate that this core has high performance at coding efficiency, data rate and error containment. A data rate of about 12.5 Mpixels/s can be sustained at 50 MHz.