Fire is a chain reaction, where the oxidation of one molecule releases energy, giving another molecule enough energy to react, and so on and so forth. As a product of the reaction, hot gasses are released.
This is the difference between iron rusting and a magnesium fire.
So a “cold fire” wouldn’t be a fire, but just room temperature oxidation, again like rusting. Or butter going bad.
Note, iron rusting still releases energy, it gets warmer, but it’s not a chain reaction, so it doesn’t rapidly spiral out of control.
Some other reactions actually consume heat, like a cold pack.
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