An Alternative explanation for energy loss due to Eddy currents

[phantomvommand]

TL;DR Summary

I have 2 explanations for energy loss due to eddy currents, please let me know which (or both) are correct, and how they ultimately agree with each other.

Explanation 1:
Eddy currents induced, energy loss due to joule heating.

Explanation 2:
Eddy currents induced, induced magnetic dipole formed. Energy is lost as work has to be done to overcome the attractive/repulsive force due to the magnet and the induced magnetic dipole from the eddy currents. (The magnet is always moving in the opposite direction of the force)

Are both explanations correct?
How do they reconcile/agree with each other? They seem to focus on completely different aspects of eddy currents. Explanation 1 is entirely restricted to the material on which eddy currents form, while explanation 2 involves the interactions between the magnet and the material. Is it that there are 2 avenues through which energy is lost due to eddy current formation, or are these '2 avenues' actually the same thing?

 

[kuruman]

I would say they are two different "avenues". For example, if you drop a magnet through a metal tube, eddy currents will be formed in the tube that will exert a retarding force on the magnet opposite to g. The power pumped into the system will be $mgv$, the ohmic loss is a $-I^2R$ term and the magnetic retarding force loss is a $-F_M v$ term. Conservation of energy (per unit time) requires that $mgv-I^2R-F_Mv=0.$

 

[marcusl]

Only ohmic hearing results in energy loss. In the case of eddy currents in a lossless conductor (superconductor, e.g.), mechanical work is balanced by the energy stored in the magnetic field of the current distribution.