You PSU don't have the PCI-E power cables

I think the artifacts were caused by that fan. So I would say yes it does cause it when the GPU isn't getting enough power.
ps. what is you PSU maker and it's model?? it's weird that 500W PSU don't have the normal PCI-E power cable.
btw. what BIOS version you have? I know that there is BIOS update in sapphires support site for x1950 Pro ultimate.