Computer hardware does have a limited lifetime so it will wear down due to excessive usage. If you're not using it turn it off. As you noted, keeping it cool is important and will reduce the amount of wear and tear it's going to face.
My laptop's dual-core cpu temperature is normally around 55 degrees celsisu can increase even upto 90's during heavy usage. Best way to cool it is to have an external fan or ac blow cool air right into the cpu vent. But make sure that no water or moisture is blown in! This will damage your laptop! While running this long is usually not a problem the laptop adapter wll get really hot and will get worn down too. So take that into consideration.
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