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Fans are all gone, so noise is all down to the HDD now. Good desktop PCs have the nice rubber straps for HDDs, but my (and most or all?) HTPCs don't. The rubber mounts in hard drive cages do only a little to stop noise and vibration compared to the straps. I put the drive into a Scythe "quiet drive" enclosure, which muffled the noise a bit, but now I've finally sorted it, with some ordinary elastic from a fabric shop - HDD suspended in air. What a big difference - nearly silent.
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