Bjorn, how do you want to use the 500GB library on your new Mac? Do you also want to use iCloud Photos on the new Mac? If you want to sync the new Mac with the same library as as your old Mac, it would be more economic to to simply create a new, empty Photos Library on the new mac, then turn on iCloud Photos and sync the new, empty library with iCloud Photos. Photos will then download the photos from iCloud to the new library.
If you copy the library to the new Mac, Photos will waste a lot of time by uploading the copy of the library into iCloud Photos and merging it into the existing library. You will need 500 GB of free cloud storage, before you can turn on iCloud Photos. And then a lot of patience. Downloading the library from iCloud to an empty library will be faster, because you will avoid the long upload and merging.