Problem
Not going into details of credentials basic mysqldump command looks like this:
mysqldump database > database_dump.sql
Dump file size was ~3GB which might take quite long. Especially when the connection to mysql server was not fast enough.
Solution
After a few attempts and noticing that it might take too long to fetch all data I found out that there is a nice switch in mysql and mysqldump commands.
Switch will tell mysql server to compress the dump on the fly so you can save a lot of bandwidth. However both sides needs to support the setting. Note that you may also use that switch with mysql command.