We present the design and measured performance of the superconducting magnetic bearing (SMB) that was used successfully as the rotation mechanism in the half-wave plate Polarimeter of the E and B Experiment (EBEX) during its North American test flight. EBEX is a NASA-supported balloon-borne experiment that is designed to measure the polarization of the cosmic microwave background. In this implementation the half-wave plate is mounted to the rotor of an SMB that is operating at a sink temperature of 4 K. We demonstrate robust, remote operation on a balloon-borne payload, with angular encoding accuracy of 0.01°. We find rotational speed variations to be 0.2% RMS. We measure vibrational modes and find them to be consistent with a simple SMB model. We search for but do not find magnetic field interference in the detectors and readout. We set an upper limit of 3% of the receiver noise level after 5 minutes of integration on such interference. At 2 Hz rotation we measure a power dissipation of 56 mW. If this power dissipation is reduced, such an SMB implementation is a candidate for low-noise space applications because of the absence of stick-slip friction and low wear.