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As the magnet descended, the aluminium beside the descending magnet experiences first an increasing and then a decreasing flux linkage, resulting in induced emf. (E=dΦ/dt)
Since aluminium is conductive, (eddy) currents formed in the blocks, producing their own magnetic field.
The polarity of the induced emf must be such as to produce a induced current and magnetic field that opposes the change that caused the induction in the first place. (Lenz’s Law). This predicts a retarding magnetic force on the descending magnet, bringing it to a (surreally) low terminal velocity.
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