Will this rig work when i remove my current graphics card and replace it with a gtx 1070?

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Tier 1 might be evga supernova 550GS 118k
http://www.hinnavaatlus.ee/products/Arvutikomponendid/Toiteallikad/664071/
Tier 2 Antec HCG 620w i08K

Tier 3 evga 500w. 48K

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MERGED QUESTION
Question from JaanPsoky : "Will this build work with a gtx 1070?"









 
Your psu is an old one which does not supply the wattage where modern processors need the amperage.
It shows 12a and 14a for the +12v rails.
That would be a theoretical 312 watts max. You will never get the true sum of 2 12v rails.
You need a quality 500w psu to run a GTX1070.
Here is an example of a 520w Seasonic M12II that will do the job.
http://www.newegg.com/Product/Product.aspx?Item=N82E16817151093

DO NOT even try to use the codegen psu. It will not have sufficient protective circuitry to protect your parts if it should fail under load.
 

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I hate to deviate from the question at hand, but i will anyway. How did you calculate the theoritcal Max watts Supplied? im aware that the good brands (Mostly 80+ Certified) are highly unlikely to supply much less than the sticker entails but it would also be nice to know a 'theoritcal' number to compare with what the manufacturer tells me as well as to sate my own curiousity. Thanks.
 
Watts = Amps x volts.
12a +14a = 26 a max
26a x `12v = 312w. max available for 12v.
12a and 14a are artificial UL suggested separation of the single circuitry to help prevent dangerous shock possibilities.
It will all come from a single power generating source.
That single source may not in total amount, in this case to 26a. Particularly for older and cheaper power supplies.
Older power supplies delivered wattage on other 3.3 and 5v rails. Much older processors used those voltages.
It is easier to generate wattage at lower voltage so for marketing purposes that was done.
The uninformed will think that 600w sounds great, but it really is not.

The efficiency certification has little connection to power delivered.
It is simply a measure of how much power is lost between the wall source and what is delivered to the pc components.
If anything, higher efficiency is a measure of quietness since more efficient power supplies will not need to run the cooling fan as much.