With a 172Watt TEC at half Vmax you would be at:
80% of dTmax. (i.e. dT would be 55.2 C with no heatload)
70% of Qmax. (i.e. if the TEC was pumping 120.4 Watts of heat, the hotside and coldside of the TEC would be at the same temperature.)
If cooling a processor, your actual operating point would be between these extremes.
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