A careful modelling of the thermodynamic properties of the water–ammonia–butane system, the working fluid mixture used in the Einstein cycle, with the Patel–Teja cubic equation of state is performed. Numerical simulation is used to investigate the feasibility limits of this refrigeration cycle. Two modified configurations of the cycle are considered. A conflict between the evaporator and the condenser/absorber operating conditions is noted. The condenser/absorber operation needs a higher system pressure, which limits the refrigeration temperature in the case of air-cooling. On the other hand, the condensation of ammonia and the presence of a small quantity of water in the evaporator limit also the refrigeration temperature. In the case of a water-cooled machine, with a condenser/absorber temperature of 30 °C, the cycle COP reaches 0.19 which is still low.