I've personally designed miner boxes from cooler boxes for the various ASICs I operate (L3+, etc.), and I've found they all work well as long as you have a way to ventilate the air the miners create, and you monitor temperatures as needed so you can add fans to increase intake or exhaust or up fan RPM so the miners don't overheat. I've seen people design miner boxes that twist around apparently to trap sound and to allow air to flow, but in reality those designs restrict airflow too much to be useful. Always make sure to test what you make over an extended period of time to ensure your design can work 24/7.
What are your thoughts on designing immersion cooling boxes ?
The 3M immersion cooling liquid is a major cost component. It's very expensive per liter.
Would that offset the rack costs and air circulation costs ? Like instead of spending money on ikea racks and others it would help and instead of spending money on ventilation and other costs like fans The 3m would be still worth it ?
Due to conservation of energy, the heat will still be there, just in the liquid instead of the air. You will still need some way to cool the liquid down. However, immersion is definitely more efficient in getting rid of the heat from your GPUs. You just need to figure out how to cool the liquid.
As an alternative to the 3M liquid, you can also consider mineral oil. You can search on YouTube for some videos where people have demo'd this concept usually on a small scale with single ASICs.