You are mistaken. Not any volcano would do, nor could dragonfire destroy the One Ring. Mount Doom had magical significance, since the Ring was forged there.
‘Your small fire, of course would not melt even ordinary gold. This Ring has already passed through it unscathed, and even unheated. But there is no smith's forge in this Shire that could change it at all. Not even the anvils and furnaces of the Dwarves could do that. It has been said that dragon-fire could melt and consume the Rings of Power, but there is not now any dragon left on earth in which the old fire is hot enough; nor was there ever any dragon, not even Ancalagon the Black, who could have harmed the One Ring, the Ruling Ring, for that was made by Sauron himself.
There is only one way: to find the Cracks of Doom in the depths of Orodruin, the Fire-mountain, and cast the Ring in there, if you really wish to destroy it, to put it beyond the grasp of the Enemy for ever.’
LotR, Shadows of the Past
I would also dispute the idea that the Dwarves ever delved down into magma. There's no indication I'm aware of that they did so. Gandalf fell in Moria, which was the one of the greatest and most ancient delving of the Dwarves, and Gandalf fell further than the Dwarves had delved, and he did not report it.
‘Name him not! ’ said Gandalf, and for a moment it seemed that a cloud of pain passed over his face, and he sat silent, looking old as death. ‘Long time I fell,’ he said at last, slowly, as if thinking back with difficulty. ‘Long I fell, and he fell with me. His fire was about me. I was burned. Then we plunged into the deep water and all was dark. Cold it was as the tide of death: almost it froze my heart.’
‘Deep is the abyss that is spanned by Durin's Bridge, and none has measured it,’ said Gimli.
‘Yet it has a bottom, beyond light and knowledge,’ said Gandalf. ‘Thither I came at last, to the uttermost foundations of stone. He was with me still. His fire was quenched, but now he was a thing of slime, stronger than a strangling snake.
‘We fought far under the living earth, where time is not counted. Ever he clutched me, and ever I hewed him, till at last he fled into dark tunnels. They were not made by Durin's folk, Gimli son of Gloin. Far, far below the deepest delving of the Dwarves, the world is gnawed by nameless things. Even Sauron knows them not. They are older than he.
(LotR, The White Rider)
We have no reason to believe the other Dwarven habitations known in the West, in the Iron Hills and the Blue Mountains, were any more likely to have magma underneath them at any attainable depth.
Moreover, there are no other known volcanoes in Middle Earth; they would have to discover them. Whatever volcanoes did exist were almost certainly in the south and east, realms also ruled by Sauron.