How do you plan to use the peltier? if you're using it between your CPU/GPU and the heatsink, then you have to go through the trouble of condensation prevention, and it'll be great to have watercooling cooling the hot side. I personally used a peltier to cool my watercooling system's reservoir, to cool the water below ambient temp, this way i don't need to bother insulating the mobo/video card.
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