Magnetic cooling and heating

Cooling by magnetic field can produce temperature of around 1 millionth of a degree over absolute zero. It works with paramagnetic substances which get magnetic only under the influence of outside magnetic field but not after external magnetic field is removed. If such materials are in magnetic field they heat up when their magnetic field lines up with outside magnetic field, then it gets cooled by coolant gas like liquid helium (boils at around 4 K or helium-3 that boils at around 0,5 K although exact boiling point depends a lot on pressure). After removing outside magnetic field material cools as its microscopic local magnetic field lines get back their random orientation and material stops being magnetic.
This effect was discovered on pure iron and cooling effect was ~0,5-2 kelvins per Tesla. Larger effect is achieved with alloys that have gadolinium metal which could cool 3-4 K per Tesla. Considering MRIs could have stable 3 Tesla magnetic field this could mean about 10 degree cooling per cooling cycle. Combined with helium cooling this could easily cool material below 1 K. This cooling doesn't work on all materials but cooled gadolinium pieces could be against the fall of room that is to be cooled.

Induction cooking uses this heating that happens during realignment of magnetic fields but without the cooling phase by quickly realigning magnetic fields with alternating current several times per second. As YouTube can show induction heating with enough power can make metal glow and melt within seconds.