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Ok , after seeing the minnow tanks made from blue barrels I had to make one myself.( thanks gilman and others) But after I got it built and running I decided to try to insulate it. I probably just wasted some time since I have no idea whether this will help or not but I wanted to try. In case anyone is interested I used the pink fanfold 1/4 inch thick foam board insulation that they use under siding to start out with. I cut the heighth down to 32" and used 50 feet of length which is the length it comes in per package. I think this got me about seven revolutions around the barrel. After I had it wrapped tight and secured with duct tape I covered it with one layer of reflectix bubble insulation. I used foil tape on those seams. At the top I sealed up the exposed edges of all those layers of insulation with duct tape and sealed against sides of barrel.
I've had mine running about three weeks now with three dozen minnows left from a fishing trip and it's been working well. I have two 10/30 gal. aquarium filters from Walmart with an air pump with a 10"stone .
I realize this probably isn't gonna help a lot when it gets hot and stays hot but I thought it might help a little.