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Honestly, technically anything can be effective w/ scale. Think of it as a "Press 1" of e-mails. Google algo on a cold blast will find your emails going into the spam folder instead of maybe a promotional folder or inbox.
However, you could do it more on a daily basis of X number of cold email.
I found this beginner guide on cold email marketing. There are some really smart strategies here that I think might increase open and conversion rate.
Cold Email Marketing Guide: Best Practices & Campaign Strategy