The current induced in the wire is due to the motion of the wire through the magnetic field. According to Faraday's law, the induced emf (\( \epsilon \)) is given by:
\[
\epsilon = BvL
\]
Where \( v \) is the velocity of the wire as it falls under the influence of gravity. Using the equation \( v^2 = 2gL \), the velocity is:
\[
v = \sqrt{2gL}
\]
Thus, the induced emf becomes:
\[
\epsilon = B\sqrt{2gL}L
\]
The current \( I \) is given by Ohm's law:
\[
I = \frac{\epsilon}{R} = \frac{B\sqrt{2gL}L}{R}
\]
Thus, the induced current is:
\[
I = \frac{BL\sqrt{2gL}}{R}
\]