About the only non-toxic liquid that's better for cooling than water, is heavy water, and that's hardly cheap either.
Water, one of the most abundant natural resources on the planet, just happens to be about the most effective at the job.
A 50:50 mix of water:caustic soda also has higher thermal capacity (~4800J/kgC), which when combined with its density makes it probably the only cheaply obtaining liquid that's better than water for soaking up heat. Problem is that it can hardly be called "non toxic", or is it really safe for your system.
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