Depends on a few things. Is this for your PC or HTPC? Also depends on the case it is in; for instance, if it has many ports for air to flow in and out, noise will travel outside the case.
In general, 34db is tolerable and you shouldn't notice it while watching tv, movies, music. If you have it muted and your system is on, you probably will notice the slight hum from the fan depending on how close you are to your case.