N localized spins sit in a perfect anti-parallel spin valve: the source only exchanges up-spin electrons (u), the drain only down-spin electrons (d). The exchange "reaction" u + D ⇔ U + d flips spins. Starting from the known all-up state (S = 0), the spins randomize while pushing electrons through an external load: the open-circuit voltage is Δμ = kT ln(PU/PD) (Eq. 16.10). The spins' energy never changes: the work comes from the surroundings, paid for by the entropy increase, at most TΔS = NkT ln 2 (Eqs. 16.5, 16.11).