A passive magnetic bearing employs eddy currents in a copper core between neodymium annular magnets to support the copper core and an associated rotating shaft. The copper core has an annular flange that is coaxial with a hollow cylinder. The hollow cylinder supports a rotating shaft. An annular iron core is coaxial with and surrounds the annular flange. Annular neodymium magnets surround the upper and lower portions of the hollow cylinder. In some embodiments a touch-down bearing is made up of an upper and a lower bearing race that are spaced away from the upper surface and lower surface of the annular flange. The core rotates over the bearing race(s) until sufficient magnetic flux is generated to support the copper core and hence the shaft. Once spinning, a magnetic field is generated in the copper core.