The Physics of Black Hole X-Ray Novae

X-ray transients that are established or plausible black hole candidates have been discovered at a rate of about one per year in the galaxy for the last five years. There are now well over a dozen black hole candidates, most being in the category of X-ray novae with low-mass companions. There may be hundreds of such transient systems in the galaxy yet to be discovered. Classic black hole candidates like Cygnus X-1 with massive companions are in the minority, and their census in the galaxy and magellanic clouds is likely to be complete. The black hole X-ray novae (BHXN) do not represent only the most common environment in which to discover black holes. Their time dependence gives a major new probe with which to study the physics of accretion into black holes. The BHXN show both a soft X-ray flux from an optically thick disk and a hard power law tail that is reminiscent of AGN spectra. The result may be new insight into the classical systems like Cyg X-1 and LMC X-1 that show similar power law tails, but also to accretion into supermassive black holes and AGN.