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The success of magnetic hyperthermia cancer treatments rely strongly on the magnetic properties of the nanoparticles and their intricate dependence on the externally applied field. This is particularly more so as the response departs from the low field linear regime. In this paper we introduce a new parameter, referred to as the efficiency in converting electromagnetic energy into thermal energy, which is shown to be remarkably useful in the analysis of the system response, especially when the power loss is investigated as a function of the applied field amplitude. Using numerical simulations of dynamic hysteresis, through the stochastic Landau-Lifshitz model, we map in detail the efficiency as a function of all relevant parameters of the system and compare the results with simple—yet powerful—predictions based on heuristic arguments about the relaxation time.