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A place to share alternatives to popular online services that can be self-hosted without giving up privacy or locking you into a service you don't control.
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I5 3470 is old, but its not that bad. Lots of people are homelabing on NUCs which are only very slightly faster. Performance per Watt will be terrible though. (I am on an i7-10710u, and I've yet to run out of steam so far - https://cpu.userbenchmark.com/Compare/Intel-Core-i7-10710U-vs-Intel-Core-i5-3470/m900004vs2771 )
It has VTx/VTd, so should be okay for proxmox, what makes you think it won't work well?
I had in my head that it didn't have the proper extensions for virtualization.
However, the memory and core count will be a bottleneck with virtualization. Only having 4 cores will make it a hard to delicate resources and the slower ram will mean you could have performance issues. It really depends on what you are doing I suppose. It does have 6mb of cache which will help some.
If you got a i5 6500 with ddr4 memory you would have much better performance.
4 cores is a bit limiting, but definitely depends on the usage. I only have 1 VM on my NUC, everything else is docker.
I thought all the core processors had VT* extensions, I was using virtualization on my first gen i7. They are very old an inefficient now though.