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Just like literally every Destiny update ever... it just looks that big because it does a full check on the whole 34gb that comprises all releases and patches that make up the present iteration of Destiny. I'm pretty sure I heard/read somewhere that this update is under 2gb.

Do not pause the download.
If your PS4 is low on Hard Drive space, it can make you re-download everything. (each update re-checks every prior download and update, so you need to have enough space on the HDD for all prior downloads and updates (~50+ GB?)

03-09-16 THAB:
"Destiny Update Recap: Earlier this week, Destiny underwent a small scheduled update. No changes were made to the player-facing Destiny experience. Once an Update has been released, Destiny Player Support monitors the #Help forum to ensure players are proceeding through the download process as expected. With this recent update, we saw an increase in reports of players having to re-download large portions of Destiny content, which equated to longer-than-expected console downloads. This is the result of a console attempting to verify all previously downloaded content. This includes the base game and all Destiny Updates/Hotfixes. If any issues are found, or the verification process is interrupted, all previous content will be deleted and downloaded again. To ensure that players do not encounter this often, we highly recommend using a wired connection when downloading Destiny Updates or Hotfixes. Additionally, if a player is experiencing network issues during the download process, this may lead to some content being lost or damaged. For more information, please see our Updating Destiny Guide."

Theory:
Did you try to "check your connection" to speed up your download?

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Speedracer is right.