See also these slides for more details.

The idea that dark matter is made of primordial black holes is very old but has always been in the backwater of particle physics. The WIMP or asymmetric dark matter paradigms are preferred for several reasons such as calculability, observational opportunities, and a more direct connection to cherished theories beyond the Standard Model. But in the recent months there has been more interest, triggered in part by the LIGO observations of black hole binary mergers. In the first observed event, the mass of each of the black holes was estimated at around 30 solar masses. While such a system may well be of boring astrophysical origin, it is somewhat unexpected because typical black holes we come across in everyday life are either a bit smaller (around one solar mass) or much larger (supermassive black hole in the galactic center). On the other hand, if the dark matter halo were made of black holes, scattering processes would sometimes create short-lived binary systems. Assuming a significant fraction of dark matter in the universe is made of primordial black holes, this paper estimated that the rate of merger processes is in the right ballpark to explain the LIGO events.Primordial black holes can form from large density fluctuations in the early universe. On the largest observable scales the universe is incredibly homogenous, as witnessed by the uniform temperature of the Cosmic Microwave Background over the entire sky. However on smaller scales the primordial inhomogeneities could be much larger without contradicting observations. From the fundamental point of view, large density fluctuations may be generated by several distinct mechanism, for example during the final stages of inflation in the waterfall phase in the hybrid inflation scenario. While it is rather generic that this or similar process may seed black hole formation in the radiation-dominated era, severe fine-tuning is required to produce the right amount of black holes and ensure that the resulting universe resembles the one we know. All in all, it's fair to say that the scenario where all or a significant fraction of dark matter is made of primordial black holes is not completely absurd. Moreover, one typically expects the masses to span a fairly narrow range. Could it be that the LIGO events is the first indirect detection of dark matter made of O(10)-solar-mass black holes? One problem with this scenario is that it is excluded, as can be seen in the plot. Black holes sloshing through the early dense universe accrete the surrounding matter and produce X-rays which could ionize atoms and disrupt the Cosmic Microwave Background. In the 10-100 solar mass range relevant for LIGO this effect currently gives the strongest constraint on primordial black holes: according to this paper they are allowed to constitute not more than 0.01% of the total dark matter abundance. In astrophysics, however, not only signals but also constraints should be taken with a grain of salt. In this particular case, the word in town is that the derivation contains a numerical error and that the corrected limit is 2 orders of magnitude less severe than what's shown in the plot. Moreover, this limit strongly depends on the model of accretion, and more favorable assumptions may buy another order of magnitude or two. All in all, the possibility of dark matter made of primordial black hole in the 10-100 solar mass range should not be completely discarded yet. Another possibility is that black holes make only a small fraction of dark matter, but the merger rate is faster, closer to the estimate of this paper Assuming this is the true scenario, how will we know? Direct detection of black holes is discouraged, while the usual cosmic ray signals are absent. Instead, in most of the mass range, the best probes of primordial black holes are various lensing observations. For LIGO black holes, progress may be made via observations of fast radio bursts. These are strong radio signals of (probably) extragalactic origin and millisecond duration. The radio signal passing near a O(10)-solar-mass black hole could be strongly lensed, leading to repeated signals detected on Earth with an observable time delay. In the near future we should observe hundreds of such repeated bursts, or obtain new strong constraints on primordial black holes in the interesting mass ballpark. Gravitational wave astronomy may offer another way. When more statistics is accumulated, we will be able to say something about the spatial distributions of the merger events. Primordial black holes should be distributed like dark matter halos, whereas astrophysical black holes should be correlated with luminous galaxies. Also, the typical eccentricity of the astrophysical black hole binaries should be different. With some luck, the primordial black hole dark matter scenario may be vindicated or robustly excluded in the near future.