The span of immediate memory seems to be almost independent of the number of bits per chunk, at least over the range that has been examined.

Psychologists
George Armitage Miller
American psychologist (1920-2012) whose 1956 paper "The Magical Number Seven" named the short-term memory limit and helped launch the cognitive revolution. Co-founded cognitive science with Chomsky; led WordNet.
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Source: The Magical Number Seven, Plus or Minus TwoVerified