+1One thing that greatly reduces noise is sound isolator pads under the compressor and bolting it down. Basically this damps any vibration running through the machine being amplified through the tank (think nice big bass speaker).
I put bonded rubber isolators (PA Surplus) under the feet of my 60 gal vertical and apart from quieting it, it also stopped it from walking around the floor! The isolators are mounted on a plywood base.
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