I am currently working on cooling device for my DSLR. I considered water cooling but decided to stick with Peltier.
The reason is so much gear on a moving device (telescope mount etc), the weight is just too much and installing the water tank elsewhere requires some very flexible and long pipes. As the pipes extend it requires more pressure to keep the flow of water going. Overall power consumption for water cooling and Peltier is close.
I have already selected a heat-sink but haven't purchased it yet. Too many other projects trying to complete now.
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