Finished with a project and want to start a new library

I have finished a project that involved several gigs of materials. I'm now finished and would like to start on another. I don't need to have this older research on hand (or filling my storage, both online and on my computer), though I do want to keep it in archives.

What is the best move here? My thinking is I could export the library to a Dropbox folder, then delete everything in the Zotero app. Is this wise? What backup should I do? Is there another way?
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