Reducing Clock Cycles in ADS1115 16-bit ADC While Maintaining Resolution

Hey I am using ADS1115 ADC controller at 16 bit resolution (where N=16) using formula (2^N)-1 and creating code according to this resolution formula = Vref/((2^N)-1)), 
Is it possible to reduce the clock cycle to N bits only and get the same values which continuously which I was getting from exact bit resolution formula?Write now I have the reference code your expertise suggestion will be appreciated 

I'm not sure what clock cycle yore  are referring to  here or what you wish to accomplish.

I see that you are setting the ADC to do a conversion automatically 128 times per second and then wait 0.5 (is this seconds? - I'm not familiar with python or the time.sleep functions) and read the data

You are also using continuous conversion mode which would make more sense if you were reading at 128 times per second.

If you are trying to reduce power, you should use single shot mode, start the conversion then wait. The ADC will go into standby after 1/128 second

If you want to reduce noise you should reduce the sample rate to be closer to how often you want to read the data

I hope this is helpful