First you will need to go and georeference your image. It will turn out absolutely massive, like 1.57GB.
With this image we will compress the file into a geoTiff with jpeg compression. Comes back as 45mb.
gdal_translate \
HSPC0567_wgs84.jpg \
out1.tiff \
-co COMPRESS=JPEG \
-co PHOTOMETRIC=YCBCR \
-co TILED=YES
Now to create some overviews for this file so it can be viewed at low zoom levels.
gdaladdo \
--config COMPRESS_OVERVIEW JPEG \
--config PHOTOMETRIC_OVERVIEW YCBCR \
--config INTERLEAVE_OVERVIEW PIXEL \
-r average \
out1.tif \
2 4 8 16
Source -> http://blog.cleverelephant.ca/2015/02/geotiff-compression-for-dummies.html