(In fact, you can have more than one Time Machine backup disks, MacOS will backup your whole system alternately into them)
!! DO NOT USE APPLE OFFICIAL APPROACH (DRAG-N-DROP), WHICH COSTS WEEKS TO FINISH WRITING 10x DISKS !!
- Open Disk Utility (/Applications/Utilities/Disk Utility.app).
- Check the format of your new backup drive. It needs to be a GUID partition and formatted as Mac OS Extended (Journaled).
- Temporarily turn Time Machine off.
- In Disk Utility select the new backup drive.
- From the “Edit” menu item, select “Restore…”.
- In the menu that pops up select the original Time Machine drive.
- Wait…
- Set permissions on your new backup drive. Get Info on the new drive in Finder and make sure “Ignore ownership on this volume” at the bottom of the “Sharing & Permissions” section of the Get Info window is unchecked.
- Go into Time Machine and select your new drive to backup to.
PS: Use Disk Util in Recovery Mode if not successful when logged-in. Also, you can't ignore the ownership on a backup drive so step 8 no need.
References:
To move your Time Machine backup to another disk, use Disk Utility
Clone Time Machine volume