For Time Machine? No, I don’t think so. You don’t need high performance. You need lots of capacity.
I would suggest getting a very large 3.5" 7200 RPM HDD that is rated for 24x7 operation. For instance, Micro Center is currently listing a 10TB Toshiba N300 for $190.
Install it in a USB3 enclosure that has a fan (because high performance drives can overheat without active cooling). For instance, Micro Center is currently listing a Vantec NexStar HX-35 for $35.
When shopping, be sure the enclosure supports the size drive you plan to buy. The Vantec enclosure I cited claims support for 16TB drives. The other “with fan” enclosure sold by Micro Center says it only supports drives up to 4TB. I don’t know if a larger drive won’t work, or if they simply don’t support it, but it’s something to keep in mind when making a purchase decision.
Anyway, once you select a drive and enclosure, it is very easy to assemble the two pieces together into an external drive. It will almost certainly outperform a retail external HDD and might also cost a little less.
That having been said, getting a big drive is only the first step. What do you want to do with your old backups?
If you’re just going to disconnect and file the old drive, then you’re good to go. Just connect the new drive, format it, set up Time Machine, and you’re done.
But if you want to clone your existing backup drive to the new drive, that could be a challenge. You can’t use a normal file-based backup utility to clone a TM volume, because it is going to contain dozens (or hundreds) of snapshots - one for each backup. A file-based clone process will only be able to copy one.
I haven’t tried this, so I don’t know if it will actually work, but I think you should be able to use software capable of making a block-level clone (that is, copy all the logical disk blocks, without regard to the file system). Once that’s done, your new drive should be a clone of the old drive - with the old drive’s capacity. But once that’s done, you can use Disk Utility to resize the APFS container holding the TM volume(s), allowing it to use the full capacity of the new drive.
Some tools worth considering for this task:
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The command-line dd
tool. Fast and flexible. No UI at all. No safety net - you can completely trash everything if you get the parameters wrong.
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The “Restore” option in Disk Utility. Select the new/blank drive. Then click “Restore”. Then select your TM volume as the source.
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Balena Etcher. I’ve used the Windows version of this to make bootable SD cards from image files for use with my Raspberry Pi.
See also: