A method of and system for rateless source coding are disclosed. The method comprises the steps of providing a set of low-density parity check (LDPC) codes, each of which accepts a range of data input lengths and a range of target compression rates; identifying a data input having a data input length; and identifying a desired compression rate. The method comprises the further steps of selecting one of said LDPC codes based on said data input length and desired compression rate; encoding the data input, using the selected LDPC code, to generate a sequence of data values; and puncturing some of said encoded data values to achieve the desired compression rate. Preferably, the encoding step includes the steps of generating a syndrome and a parity sequence from the data input, puncturing the generated parity sequence, and mixing a remaining portion of the data input with the punctuated parity sequence.