No it's the fan. The little fan is really loud. It's not a fault of the drive.
I swapped the internal 5200 drives for SSDs, disconnected the fan and took off the blue LED, plastic in the front for ventilation (I put a peice of tape over the bright LED). It runs cool now, cooler than it did originally. If you take off the that blue plastic thing it really helps with ventilation, and it doesn't look bad or anything; the blue thing is annoying anyway.
Fans are always noisy. You CAN replace them with other fans as they are generic, but it's a gamble. Sometimes this helps, but sometimes it's best if you can just disconnect them and make mods. I saw a guy who disconnected the Little Big disk fan and then put a huge fan outside of it to cool it

. Not something I want to do.
Anyway, the fans are not to be shunned as the really cheap drives don't have them as they don't even care if their drives fail. They figure the failure/return rate < cost savings + huge profit. Seagate, WD, and the other crooks think this way. Avoid them.
Your G-tech drive is a great drive. Just try to mod the fan issue if you can do it whiteout screwing something up. I have a number of those G-tech drives and they are built EXTREMELY well. Even the little drives have extensive heat sinks. The problem modding those is that they have so many screws and parts you have to have an electric screwdriver.