They estimated 10GW, which is a couple nuclear powerplants. By the time you're running transmartian cables, you'll have the infrastructure to make big nuke plants. The magnetic field needs to be big, not necessarily strong.
It wasn't the concept of using a giant electromagnet that seemed off to me, it was the wattage. 10GW I can believe, 100kW I would find hard to. Also, since mars is smaller than earth and further from the sun it wouldn't need quite as powerful a field as we have.
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