Yes. It could be very loud.
please elaborate

imho, you don't need to be rocket scientist to imagine, how noisy it will be. based on description in OP, it is using
12038 fan, well let's google:
http://www.fantech-electron.com/enu/product/view/dc-fan-12038.htmso, based on web, it will be at least 40dB per fan and there will be 2 of them + fans from PSU (you will need one very big, or 2 just big) + noise from airflow (because miner itself is some tube, one side will suck the air and second one will blow it)
let's assume, that they will use the most powerful 12V fan with 2900rpm. let's calculate:
https://www.noisemeters.com/apps/db-calculator.asp2x 51.3dB for fans 2x 30dB for PSU so ~55dB.
55dB is NOTHING if true.