If it really IS the PSU fan, some power supplies have "smart fans" which kick up in speed whenever they get hot (air temp sensor). These can actually be NOISIER than standard fans, under this scenario:
Your power supply fan runs too slow to keep the power supply cool under normal operation, so it has to kick on full force every so often. A similar power supply runs it's fan halfway between those two speeds all the time, so it's louder in quiet mode but never needs more speed.
Some power supplies have 2 ways to control fan speed, a knob AND thermal override. This is where I believe THG went wrong on their last power supply comparison: If you turn the knob down too far, thermal override will kick in frequently. It's up to the user to find the lowest speed that still prevents thermal override. In my experience it's been around 1/2 way between minimum and maximum speed.
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