Storing WordPress Media Library Uploaded files onto a separate domain

You should not remove the media from you server. Media is part of yout content and it makes no sense to have your content split over several servers.
(from technical practical POV your idea will prevent any automated media transformation like new sizes from being done).

What you should do is to create your own “lite CDN” which is actually just a sort of caching proxy for the media related URLs.

(side note: you can rarely re-invent a wheel for your car which is cheaper than a wheel you can buy in a shop)

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