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Quick Answer
Yes, if your old PSU is 650W or higher, 80+ rated, and has at least one 8-pin PCIe connector. The RTX 4070 draws only 200W and uses a single 16-pin connector (includes an 8-pin adapter in the box). Quality PSUs from 2018+ should work fine.
The RTX 4070 uses a 16-pin 12VHPWR connector but includes a 1x or 2x 8-pin to 16-pin adapter. This adapter works with any PSU that has standard 8-pin PCIe cables. Make sure the adapter clicks fully into the GPU.
Quality PSUs (Corsair, Seasonic, EVGA, be quiet!) last 7-10+ years. Budget PSUs may degrade faster. If your PSU is from a reputable brand and under 7 years old, it is likely fine. Capacitor aging reduces efficiency and transient handling over time.
Our Verdict
Your old PSU works if it meets the requirements: 650W+, 80+ rated, 8-pin PCIe connectors, and under 8 years old. The RTX 4070 is power-efficient enough to run on older quality PSUs. Only replace if your PSU is underpowered or aging.