I think there are two noise issues: one is a very narrow band, high frequency constant noise, which rises JUST SLIGHTLY when the mix is dry.
Here’s an input in my audio interface with nothing connected, and an 18dB boost in the DAW:
And here’s Mimeophon with no input, same gain settings, mix 100% wet:
And 100% dry:
The difference is pretty subtle, and neither is audible at a reasonable monitoring level. And that big spike is easy to filter out, and it’s constant regardless of input.
Here’s my Xaoc Tallin with no input and the same gain settings:
And with a 100Hz sine from an E352 into the input, the knob set about 9 o’clock (whisper quiet but audible):
And now running that through Mimeophon at 100% wet:
And 100% dry:
The noise is certainly audible, as a “tape hiss” sort of thing. For whatever reason, going to Dry on the Mimeophon knob makes it worse. However, this is with a quiet input signal and an 18dB boost inside the DAW. Let’s remove the boost but turn up the VCA until the sine is back to -60dB:
Mimeophon 100% wet, but no post-Mimeophon boost:
And 100% dry:
I’m not hearing the hiss here, just the quiet sine.
So yeah, there are two different noises going on with Mimeophon, but I don’t find either of them is a barrier to anything musical…