It is wasted, most likely as light, in this case, or it is lost during the transport of electricity.
Consider that the bar magnet has a magnetic field that is acting around it, which will imply that there is a change in the magnetic flux through the loop whenever it moves towards the conducting loop. This could be described as an induction of the electromotive Force in the circuit from Faraday's law.
In turn by Lenz's law, said electromotive force opposes the change in the magnetic flux of the circuit. Therefore, there is a force that opposes the movement of the bar magnet through the conductor loop. Therefore, the bar magnet does not suffer free fall motion.
The bar magnet does not move as a freely falling object.
Answer:
<em>113.4 J</em>
Explanation:
<u>Elastic Potential Energy</u>
Is the energy stored in an elastic material like a spring of constant k, in which case the energy is proportional to the square of the change of length Δx and the constant k.

The spring has a natural length of 0.7 m and a spring constant of k=70 N/m. When the spring is stretched to a length of 2.5 m, the change of length is
Δx = 2.5 m - 0.7 m = 1.8 m
The energy stored in the spring is:

PE = 113.4 J
Mechanical energy E = mgh + 1/2mv²
When he starts, let h = 0 ⇒ E₁ = 1/2mv₁²
When he reaches height h ⇒ E₂ = mgh + 1/2mv₂²
Without friction, energy is conserved at all times.
E₁ = E₂
↓
1/2mv₁² = mgh + 1/2mv₂²
↓
1/2v₁² = gh + 1/2v₂²
↓
gh = 1/2(v₁² - v₂²)
↓
h = (v₁² - v₂²) / (2g)