“Will this connect a LaCie 1TB Rugged USB 3.1 Gen 1 Type-C External Hard Drive to an older iMac (2015) Retina 5K 27 inch and allow for fast video editing?”
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If your older iMac has a USB-C port it will work to connect a USB 3.1 device such as an external hard disk to your machine. But I don't think you'll get the read-write speeds you'd want for fast video editing. I've used this to connect USB 3.0 Hard Disks and flash drives to my M2 Macboook Pro and it seems to be limited to USB 2.0 transfer speeds (~12mbps). That's fine for small files, but not for big video files.
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