Will a nVidia Quadro P400 be enough for 2 hardware encoding streams?

I am wondering if a Quadro P400 GPU has enough RAM to be able to encode (two streams at once) in 1080p. I know the nVidia cards are restricted in streams (having 2 streams max). But my server also has 2 streams at maximum at once.

Some streams are transcoded and I would like to play around a bit with hardware encoding capabilities. I run Plex in a Debian VM (based on ESXi 6.7) and would like to pass through a GPU. Question is though, is 2GB of (video) RAM on a GPU enough for the task at hand?

If so, I’d buy a Quadro P400 one day, after saving some money, hahaha.

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