As far as I know from correspondence with PS Audio, ALL p300's left the factory with one fan. The other opening which looks like a fan housing is a vent hole to exhaust air over the transformers. There has been some back & forth talk at Audioasylum's PS Audio Power Forum as to whether it's ok to remove or disconnect the fan depending on electrical load, so maybe some out there have been altered from stock. I leave mine on all the time. Yeah, the P300 gets warm. It's not the most electrically efficient product going, about half the energy it consumes is converted to heat as I recall.
