1. A computer-implemented method comprising: segmenting, by a computing system configured to provide block-based fast image compression, a digital image into multiple blocks; for each block of the multiple blocks, identifying, by the computing system, a respective set of statistical characteristics of the block; and encoding, by the computing system, each block of the multiple blocks with a particular encoding algorithm of multiple encoding algorithms, the particular encoding algorithm being selected in view of a quality-weight factor that is evaluated in view of a total rate constraint and weighted distortion, the quality-weight factor being determined from statistical characteristics that indicate block type, the total rate constraint being a function of total numbers of hybrid and picture blocks in the digital image.