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You must have done a system (re)installation and told it to keep a copy of the previous system. If your new system is working fine and you don't think you'll ever have any need to retrieve something from the old one, you should be able to delete it and get the precious disk space back. Otherwise, you can drill down into that folder and see if the files occupying much of the space are things you don't need to keep, such as the swap files.