Is there an effective Firewall procedure for Blocking torrents or Limiting their bandwidth ?
You ask effective, with this assumption, the reply is NO
Let me rephrase the question..I would like to block torrents or Limit their bandwidth usage within my network. Please share some working procedures. thanks
You can’t, because torrents can use ports 80 and 443 and then it looks like regular website traffic.
I stopped doing this several years ago.
The programs have adapted to the countermeasures
and now everything is encrypted and uses standard ports used from other services…
..thanks Cablenut9.
Now what options or best practices are we left with on Mikrotik ? ..walking to the identified users and telling them to stop torrenting..
Simply let the user use the line that pays you.
If you are a company and have control over all PC client, you can use system like Forcepoint that replaces the HTTPS certificate between the client and a proxy server that then do the examination og the internett traffic. At my company we do this. So yes its possible, but not for all type of clients and networks.
Make use of common sense and use simple queues. Cap per customer not per protocol/traffic.
Why are people so hell-bent on violating net neutrality?
Simple, buy the disney channel for your kids and then they wont need to torrent the shows!
What is worth torrenting these days anyway??
If you need to find something old, weird, or otherwise hard to get the regular way (like the Olympics) then torrenting is a suitable option.
Mark PACKAGE
Layer 7 Protocol
/ip firewall layer7-protocol
add comment="Block Bit Torrent" name=layer7-bittorrent-exp regexp="^(\\x13bitt\
orrent protocol|azver\\x01\$|get /scrape\\\?info_hash=get /announce\\\?inf\
o_hash=|get /client/bitcomet/|GET /data\\\?fid=)|d1:ad2:id20:|\\x08'7P\\)[\
RP]"
Layer 7 bittorrent add
And Mangle Add
/ip firewall mangle
add action=mark-packet chain=prerouting layer7-protocol=layer7-bittorrent-exp \
new-packet-mark=Torrentci passthrough=yes
/queue simple
add max-limit=512k/1M name=TORRENT packet-marks=Torrentci target=""
Bandwith limited.. 
Poor deluded… Which version are you referring to, the one from 10 years ago?
Pretending it works would only limit the speed of the first packet…