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With my QHY22 I get JUST shy of 12 bits of dynamic range so I do agree with your results Ray.
Been doing a bit of thinking about it over the course of the day and from what I can figure out, on single subs, even with 12 bits of dynamic range, a 16 bit output should be slightly superior to a 12 bit. Although it may only have 12 bits of dynamic range and it is largely 4 bits of noise, it is still signal and not just padded out zeros.
After stacking however, this becomes a non issue.
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