I don't fully understand the question..
I assume you mean Time Capsule (hardware router with hard disk inside) by Time Machine (backup software on the computer).
I thought old data will be deleted and give space to new data.
When you do an OS update it gets lost.. it really needs to wipe the disk and start over.
Now I lost the whole Time machine, because I took it away. How to reinstall my Time Machine?
Do you need to recover anything from the old backup? Or do you want to preserve the old backup then use archive.. plug a Mac formatted USB drive into the TC 1TB or larger and it will do a full backup.
If you don't need to backup then simply click erase and use the quick erase which will take a few minutes at most.
So just to be clear. once you erase the disk the old backups are gone.. and you can then start a new fresh backup..
If this is not what you want to do .. then DO NOT ERASE.. once you erase you cannot recover.
But this is the way to get started with a new clean backup.