Manufacturing, safety, maintenance and recycling cost definitely matters. Other than that from physics point of view you just immerse it and hundreds of Watts r

Manufacturing, safety, maintenance and recycling cost definitely matters. Other than that from physics point of view you just immerse it and hundreds of Watts radiate into liqid as heat, and with miners a few Watts return as electricity with the information over wires. You may need no sealing if dielectric thermoconductive liquid is used, but such is synthetic toxic mix usualy. Don't forget abot heat from power supply unit.