 Solution

In Cartesian coordinates the magnetic field is $(bx,by,-2bz)$. Its divergence is $b+b-2b=0$, and all components of its curl vanish. Thus it satisfies the static vacuum magnetic equations $\nabla \cdot \mathbf{B}=0$ and $\nabla \times \mathbf{B}=0$, with no electric current in the region.

Fix clockwise orientation as viewed from above, looking down the positive $z$-axis. Its positive area normal is $-{\mathbf{e}}_z$. The loop's external magnetic flux is thereforeWith the opposite normal its flux has the opposite sign. On the circle $\mathbf{B}=ba{\mathbf{e}}_r-2bz{\mathbf{e}}_z$ and clockwise line element is $d\mathbf{\ell }=-a{\mathbf{e}}_{\phi }d\phi$. The Lorentz force element isThe radial terms cancel around the circle, soThis fixes the current/flux/force signs together.

Neglect self-inductance initially, so Faraday's law and Ohm's law give $RI=-K\dot{z}$. Including gravity then givesFor $R>0$ and $K\ne 0$, the terminal solution is $z=z_0-vt$ withThe general velocity relaxes exponentially to $-v$ on time scale $mR/K^2$. In the terminal state $I=Kv/R$, and the Joule-heating rate isThus all the lost gravitational potential energy becomes resistive heat when kinetic energy is constant.

Within the zero-inductance approximation $v\to 0$ as $R\to 0$; finite-speed motion would require an unbounded current. This limit is singular, so it is important to describe the physical ideal-conductor limit separately. With finite self-inductance $\mathcal{L}$, the circuit equation is $\mathcal{L}\dot{I}+RI=-K\dot{z}$. At $R=0$, total linked flux $\mathcal{L}I+Kz$ is conserved and there is no Joule heating. If $I=0$ initially at $z_0$, thenThis lossless limit of magnetic loop braking has undamped oscillations about $z_0-mg\mathcal{L}/K^2$, with magnetic energy storing and returning mechanical energy. It has no generic dissipative terminal descent. Thus the vanishing terminal speed is the formal resistive-model limit, not a justification for dropping inductance in a perfectly conducting moving loop.