Magnetic energy release near accreting black holes

The observed non-thermal emission from accreting compact objects is often understood in terms of the expected magnetic activity of accretion disks. This review discusses the constraints on this view point that can be obtained from, principally, the X-ray spectra and the X-ray variability of black hole candidates.Furthermore, the traditional view of an accretion disk corona, put forward as the source of the non-thermal emission, analogous to the solar corona is shown to be wrong on a few important points. Firstly, the density in the equilibrium accretion disk corona is extremely low. A reasonable plasma density is retained by pair production processes similar to those existing in the pulsar magnetosphere. Secondly, the dominant resistivity in the accretion the disk on the current carrying electrons.