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I understand the significance to physics, but what can a magnetic monopole be used for assuming we could free them from spin ice and put them to work? What would be a magnetic version of electricity?

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I suspect nothing, since electric charches $e$ and magnetic charges $q$ are related by $ e\, q = 2 \pi$. Both interact with photons, and the magnetic south and nord poles would just take the role of positive and negative electric charges. –  Dilaton Jun 8 '13 at 19:25
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@Dilaton In the spin Ice model considered by the OP, we cannot say that eg=2$\pi$. These are quasi particles, and ends are connected by dirac string like object which can be observed through interference experiments. –  Prathyush Jun 9 '13 at 1:32
    
@Dilaton From what I can tell you're correct even if e q != 2π in spin ice. –  user6972 Jun 9 '13 at 17:45
    
Charge dissipates, leaks and flows. Magnetic monopole would be quite stable upon contact with something. –  Waqar Ahmad Jan 5 at 8:04
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Also see the Wiki page on magnetic monopoles; the section on Duality Transformations summarises why @Dilaton 's answer is correct. –  WetSavannaAnimal aka Rod Vance Jan 6 at 0:52
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2 Answers

Partly related to your question, Artificial Magnetic Monopoles Discovered, from an article in ScienceDaily just late last month. The monopoles apparently act the same as the ends of a dipole magnet, as has been suggested by Dilaton in the comment above. A more comprehensive article is from Particle Data Group.

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From the article: "Many groups worldwide are currently researching the question of whether magnetic whirls could be used in the production of computer components." How so? –  user6972 Jun 9 '13 at 17:30
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I am not entirely sure, but it is indeed interesting, something worthwhile for you to research. –  user24901 Jun 10 '13 at 9:33
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My suspicion is that a dipole magnet will infact behave as a battery, in this magnetized version of electricity you want to consider. The potential difference across the terminals of the magnet can be used to extract energy, like run a motor. However it will be soon followed by an accumulation of magnetic monopoles on both N and South ends of the magnet, making the magnetic battery eventually unusable. To resuse it all you have to do is use external work to separate the monopoles from the poles of the magnet.

Also Note, that you will not be able to free your magnetic monopoles from Spin Ice. So you will be forced to make wires out of spin ice.

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