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Don't just look at the wattage and the quality. You have to look at the design as well.
This PSU has two 12v rails. Source:
http://www.fsplifestyle.com/home/produc ... 0&PSN=1001 Model No. H2-400
AC Input 200-240Vac ~ 3.5A 50Hz
DC Output +3.3V +5V +12V1 +12V2 -12V +5Vsb
Max Output Current 24A 23A 17A 15A 0.5A 2.5A
Max Combined Power 120W 384W 18.5W
Total Power 400W
Rail 1 can provide max 204w and rail 2 can provide max 180w. It also has two 6+2 pin PCIe power connectors. The issue is, you don't know how this PSU is wired, internally. The PCIe connectors are rated at 150w each (8 pin), so I'm assuming each of those are wired up to separate rails. Otherwise, the max rated draw (300w) would exceed what each individual rail can provide. In that case, you might be OK. The RX 480 will draw up to max 75w from the PCIe slot and (theoretically) up to an additional 150w from the 8-pin PCIe power connector. It shouldn't draw that much from the 8-pin, but it could very well draw more than the remaining 75w it needs.
All that being said, it would probably work, but I would not recommend running this combination for long-term. Get something better ASAP.
There are a number of things that raise red flags about this PSU and would make me very cautious about running even a 150w GPU on it.
-Only 80+ rated (not even bronze rated).
Generally speaking, the efficiency rating can give you an idea of the quality of the unit (the higher the better) because it's difficult to achieve higher efficiency with lower grade/quality components.
-Multi-rail design at such low capacity.
This is a questionable design choice because depending on how things are loaded on each rail, it can be easy to overload one of them having to split such a low amount of power.
-Group regulated voltage control.
Typically used on a lot of less expensive, lower wattage units, understandably. But it's something to be avoided if possible, because it generally can't handle crossloads very well.
-2x 8-pin connectors at such low capacity and with dual 12v rail design.
This just confuses me. A 400w PSU should not have 300w worth of PCIe connectors.