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Of course it matters how the water is wrapped/insulated. With good enough insulation it doesn't take much energy at all.

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Until the water starts insisting on breathing.

Indeed, there couldn't be a better heat exchanger !

Yes indeed! One of the advantages of diving underwater with a re-breather is that you lose less heat through respiration compared to open circuit SCUBA diving. Also the type of gases you have in your mix matter but that's another topic altogether.

For the record, I've eaten butter camping in the winter - long lasting dense energy source for sure :-) My favorite is Kerry Gold Irish unsalted :-)

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