I dunno if I posted this already
http://brewiki.org/CounterFlowChiller but thats how I made my CFC. I used it exclusively now (I might consider using the immersion chiller for ginger beer to avoid clogging).
The CFC is a little more hassle overall but brewday goes faster and the beer cools quicker with less water. I also have a pump which I use with the CFC - others have used them with gravity but I can't personally vouch for that.
The one I made used pretty expensive compression fittings. It can be made much cheaper with soldered connections, keep your hose in water so it doesn't melt.
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