The eraser is a mix of rubber (or some other polymer with similar properties), and abrasives (think of really small grains of sand). When you rub the eraser, those abrasives scratch the surface of the paper, and loosen the particles of graphite on its surface. Also, the friction heats the rubber in contact with the paper, it gets sticky, and is separated from the eraser.
Then you end up with those remains of the eraser, that you need to clean. That is basically the rubber + graphite + paper fiber.
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