HT204655: Updating from iPhoto to Photos for OS X
Learn about Updating from iPhoto to Photos for OS X
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Helpful answers
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Apr 20, 2015 4:32 PM in response to benny-kby Old Toad,No. Photos uses hard links to the photos it imported from iPhoto and does not use up any additional space even though the Finder reports the size the same: Photos saves disk space by sharing images with your iPhoto or Aperture libraries - Apple Support.
This describes it in more detail: The (hard) link between Photos and iPhoto