No, from what I've read from the designers, it isn't dumped into jump space. It is radiated from the hull (I know the surface area isn't sufficient). In fact, MGT Main Rule book states that star/space ships CAN't hide because of the IR signature...
Which is why it's nonsense. With all the systems they have on board (plus a honking great fusion power plant) the ships would radiate too much heat to be able to do it just from the existing hull - they need to have huge heat-sink 'wings' like the ships in Transhuman Space, or the interior would cook (and if they're radiating enough IR to be detectable from AU away, then they are cooking already). OTU ships don't have this and neither do a lot of ships in SF - it's one of those armwaves that people tend to sweep under the carpet, like FTL travel.
Having such heatsinks would cool the ship off, and also produce a larger (and slightly less intense) IR signature since the heat is spread over a larger area.I've split this discussion and moved this part to the gearhead section as a separate thread, since it's not related to the brown dwarf discovery.
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