Well, the way I was thinking was that the core makes very small contact with the actual waterblock. Granted, this can spread the heat out over a greater area and allow water to contact more heat. But if they maintain (at O-W) that the most efficient transfer of heat happens when the opposing temperatures are at their extremes, wouldn't that simple waterblock result in the greatest heat transfer?
Or as you stated, is there too little surface area exposed between the heat and water for the water to effectively remove the heat?
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