Performing frequent backups of a large MySQL slave
With 120GB, there are two ways to get a daily dump.  (Or even hourly.)

With Replication, a Slave machine can be always tracking what is on the Master.  That is, it is an up-to-the-minute dump of the Master, even without pushing the "dump now" button.

With LVM (available on some OSs), you can take a full disk "snapshot" 'instantly', then at your leisure copy the dump to somewhere else.

Perhaps the faster way to use mysqldump with multiple machines is to use

mysqldump ... | gzip | something-to-copy-to-other-machine


By zipping the file before hitting the network, you 'minimize' the bandwidth needed.

See also Percona's xtrabackup for other techniques -- especially full versus incremental backups.