We present the results of a new global radiation transport code coupled to a general relativistic magneto-hydrodynamic simulation of an accreting , non-rotating black hole . For the first time , we are able to explain from first principles in a self-consistent way all the components seen in the X-ray spectra of stellar-mass black holes , including a thermal peak and all the features associated with strong hard X-ray emission : a power-law extending to high energies , a Compton reflection hump , and a broad iron line . Varying only the mass accretion rate , we are able to reproduce a wide range of X-ray states seen in most galactic black hole sources . The temperature in the corona is T _ { e } \sim 10 keV in a boundary layer near the disk and rises smoothly to T _ { e } \gtrsim 100 keV in low-density regions far above the disk . Even as the disk ’ s reflection edge varies from the horizon out to \approx 6 M as the accretion rate decreases , we find that the shape of the Fe K \alpha line is remarkably constant . This is because photons emitted from the plunging region are strongly beamed into the horizon and never reach the observer . We have also carried out a basic timing analysis of the spectra and find that the fractional variability increases with photon energy and viewer inclination angle , consistent with the coronal hot spot model for X-ray fluctuations .