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Let's take a system which consists of one Asterisk server and two SIP clients. Each client has an equal set of codecs installed. Traffic encoding and decoding is performed on a client side.
Then why to install codecs on Asterisk side? It can be only a dial-up-controlled traffic switch leaving the encoding/decoding job to clients and therefore making CPU load very humble.
When codecs on Asterisk side may be needed? Only when Asterisk should tell something to a client: a ringback tone, a busy signal, voice platform notifications. Also they should be used in call recording. If not to use the call recording, those moments are relatively rare and transient.
In all other cases traffic could only dumbly pass through an Asterisk server.
I read everywhere that Asterisk PC CPU load depends highly on number of concurrent conversations and on codec being used. Does it mean that Asterisk decodes all the voice data from one client only to encode it again for other?
1Asterisk has many many configurations, but to illustrate one that you haven't considered, google this: asterisk analog card .... Actually I have no idea when asterisk uses or doesn't use codecs for encoding or decoding, but connecting traditional POTS analog lines is one where it will need them. – Tyson – 2015-06-20T22:38:29.280