The problem with using nitrogen or extremely cold liquids for cooling for machinery with moving parts is that they will freeze and not work.
Liquid nitrogen or liquid helium is really good for cooling of things that don’t need to move, like magnets.
For refrigeration and air conditioning or heat pumps, the ideal refrigerant is one that can easily be converted from liquid to gas in the temperature that it will be used in and within safe pressure for its use case.
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