Currently, one of the main causes of death in the world is cancer; therefore, it is urgent to obtain a precocious diagnosis, as well as boost research and development of new potential treatments, which should be more efficient and much less invasive for the patient. Magnetic hyperthermia (MH) is an emerging cancer therapy using nanoparticles, which has proved to be effective when combined with chemotherapy, radiotherapy and/or surgery, or even by itself, depending on the type and location of the tumor’s cells. This article presents the results obtained by using a previously developed economic homemade hyperthermia device with different types of magnetite nanoparticles, with sizes ranging between 12 ± 5 and 36 ± 11 nm and presenting different shapes (spherical and cubic particles). These magnetic nanoparticles (MNPs) were synthesized by three different methods (co-precipitation, solvothermal and hydrothermal processes), with their final form being naked, or possessing different kinds of covering layers (polyethylene glycol (PEG) or citric acid (CA)). The parameters used to characterize the heating by magnetic hyperthermia, namely the Specific Absorption Rate (SAR) and the intrinsic loss power (ILP), have been obtained by two different methods. Among other results, these experiments allowed for the determination of which synthesized MNPs showed the best performance concerning hyperthermia. From the results, it may be concluded that, as expected, the shape of MNPs is an important factor, as well as the time that the MNPs can remain suspended in solution (which is directly related to the concentration and covering layer of the MNPs). The MNPs that gave the best results in terms of the SAR were the cubic particles covered with PEG, while in terms of total heating the spherical particles covered with citric acid proved to be better.