The Time Machine is a currently a block that is planned to be used to travel to a new dimension.
To use the Time Machine, you must first find Anu's Castle and defeat Anu, before finding the Ancient Key, and unlocking the Ancient Treasure Chest in the hidden room, which will give you an Ancient Clock. Putting the Ancient Clock in the Time Machine will start a timer. When this timer is up, words will pop up on the Time Machine GUI. It says: "Coming Soon."
The time machine now has a crafting recipe! It's pretty expensive, but will be worth it someday!