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Need suggestion on dumping 300mb of photos (purging 1/2 of blog)

What if I need to dump 300mb of photos from my blog posts - Do I need to go into Assets and delete each image (please God say no – 1000s of images I’m purging)?

If I don’t delete the images (just the pages they were posted on), will that slow down my site (upload time or customer page download time)? If I don’t delete all those images from assets, what’s the worst that can happen?

It may be helpful if you describe the problem that you think you are solving by deleting images. Also are the said images embedded into Rich Text or are they unique fields in the collection?