My guess would be that in some applications other caracteristics are required
- higher/lower viscosity
- higher/lower boiling point
- higher/lower melting point
- reactivity with other materials (corrosion, ...)
- ....
There are more factors to a coolant than just the specific heat capacity (J / kg * K).
But for PC cooling applications (not taking sub-zero cooling into account) water's melting & boiling point aren't a problem, it has a low viscosity and the specific heat capacity is very high.
If you take the cost of distilled water into account, i guess it will be real hard to find a better coolant than water for 'our' application.
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