Beats me then. The way those speakers are designed, if your speaker connection is right, and if Audio MIDI Devices Master is turned up, you should have perfectly good volume range within the limits of those speakers.
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My understanding is that your current speakers retailed for about US$100. Whether you keep them or replace them, my assumption is that if you get a DAC you don't want to spend a large sum on one.
Have a look at these two posts from another thread:
https://forums.macrumors.com/threads/mac-mini-and-audio-24-bit-192khz.2158723/#post-26888620
https://forums.macrumors.com/threads/mac-mini-and-audio-24-bit-192khz.2158723/#post-26893019
Thanks for the suggestions, I'll give it a look.
As for the Audio Midi, one thing that I didn't get in your reply is that you're talking about the Mac Mini speakers? (at least in your screenshot). I connect to the audio out, which as we know is headphones out, and that's what shows in my Audio Midi setup.
I normally use the volume of the Mac to control the volume of the audio, the audio monitors are with its volume at an optimal level (about 20% of its max) and the maximum volume of my MM2012 was extremelly loud, on the 2018 MM it is lowd but not as mutch (about 20/30% less).
If I put the master volume of the headphones out of the Mini to the maximum, it's the same as doing it at the volume control, and it will be at its lowdests.
BTW, turning the knob of my monitors to a higer volume just boosts it a bit, I even turned it to the maximum for the first time (and the volume at the Mac at about half) and it wasn't that lowd
Is this normal or is my Mac faulty?
Also, I am not 100% sure, but I have two displays, and when connecting one of them I seem to have noticed that the volume went down even more. Is this possible/related? (I coulnd't reproduce it again, but the volume does seem lower that it was when I first tried the Mac with the same settings).
I've compared to the other Mini and it is like day and night.