I think the first way is the best for me. So I basically generate an address using my hardware wallet and then I send all my bitcoin from the hardware wallet to the address that I generated, correct?
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Yep. It should result in a single UTXO output.
You may not even have a real need to consolidate to begin with. You should review your current UTXOs and their value. Fees are also fairly high atm - but always depends on your needs.
Another reason to consolidate is long term storage, if you expect fees to increase significantly in 5-10 years, so that again, you pay less in future fees.