How Much that thing cost you to build ?
Well I already had 3 of the waterblocks, tubing, fittings, connectors, and radiator. Plus my "standard" air cooled rigs are 3x5970, MSI 890FXA-GD70, 2GB of RAM, Sempron, USB Stick, and Corsair/Seasonic 1200W/1250W PSU which all went in here.
So the incremental cost for the "test rig" was just the case, pump and one waterblock ~ $400.
Full conversion of my other rigs would cost ~$900 ea (4x waterblock, fittings, connectors, tubing, heat exchanger, pump, silver kill coil, and case) unless I can get some volume discounts.
To build it from scratch would be ~$1300 plus cost of GPUs. When I bought them most of them it was more like $300-$350 ea now they are insanely expensive but hopefully that will change.
I would strongly discourage someone from trying this unless they are already a confident miner AND have experience with liquid cooling. I am not sure I would try this if I didn't already own the aircooled rigs.
The reason for doing it is to:
a) improve the efficiency (getting >3 MH/W now at >3GH/s and with underclocking/undervolting that can rise to 5MH/W if necessary over time to stay profitable)
b) push the cards higher. I think 3.2 GH/s per rig is possible allowing me to pickup 20% more revenue before the reward cut
c) eliminate roughly $4000 per year in AC costs to be more competitive in face of rising # of FPGAs.d) keep the temps more stable (50C @ 99% load 24/7 all year long shouldn't be a problem)
e) The wife acceptance factor. She has been a "trooper" with this mad scientist and his 14GH/s of whirling, buzzing, heat belching fun.
f) maybe someday provide "free" hot water and heating for the entire house (~$1000 per year).