Looking at $BitMine Immersion Tech(BMNR.US) from a more technical industry angle, immersion cooling itself is still interesting. Energy efficiency is the biggest issue in crypto mining, and immersion systems can reduce thermal stress and potentially improve uptime.

If they execute well, hosting or leasing mining hardware plus immersion solutions could become a secondary revenue line beyond pure mining. The challenge is scale and capital intensity.

Smaller players must compete against giant miners with cheaper power contracts. So I see this as a niche tech angle rather than guaranteed moat.