Memory error creating large graphs in NetworkX

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I have decided to work with Python for processing graphs. I use NetworkX for loading the edge list to construct the graph. When I try to load edges with nx.read_edgelist I receive MemoryError.

The graph has 4 million nodes and 34 million edges and my PC has 12GB of RAM. Is it possible to load that graph into 12GB? Is there any optimal solution?

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