Let’s start a company that does this with old phones. If they’re recent waterproof models you could invert them in cold water and rack them pretty densely while managing heat easily. An ice water Beowulf cluster of iPhone 15s would be a lot of compute in one Yeti cooler.
i don't think phones are THAT watertight... they're not tested for long term submersion. usualy they don't even guarantee waterproof rating for more than first two years or when there are signs of wear. should work with some non-conductive oil or fluorintert tho...