The Earth is a giant electromagnet, and so of course those currents dissipate their energy as they encounter resistance in the liquid metal through which they flow. So the energy to continuously create these currents comes from the kinetic energy of the liquid metal flows in the Earth's outer core.
How turbulent convection currents in Earth's outer core make its magnetic fieldHuge thank you to Prof. Jon Arnou who spent a lot of time explaining how planetary magnetic fields are created.
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