As a result of these surveys, eight new sources of cosmic X-rays were discovered, including Cyg XR-1 (later Cyg X-1) in the constellation Cygnus. The celestial coordinates of this source were estimated as right ascension 19h53m and declination 34.6°. It was not associated with any especially prominent radio or optical source at that position.
With further observations strengthening the evidence, by the end of 1973 the astronomical community generally conceded that Cygnus X-1 was most likely a black hole. More precise measurements of Cygnus X-1 demonstrated variability down to a single millisecond. This interval is consistent with turbulence in a disk of accreted matter surrounding a black hole—the accretion disk. X-ray bursts that last for about a third of a second match the expected time frame of matter falling toward a black hole.
Cygnus X-1 has since been studied extensively using observations by orbiting and ground-based instruments. The similarities between the emissions of X-ray binaries such as HDE 226868/Cygnus X-1 and active galactic nuclei suggests a common mechanism of energy generation involving a black hole, an orbiting accretion disk and associated jets. For this reason, Cygnus X-1 is identified among a class of objects called microquasars; an analog of the quasars, or quasi-stellar radio sources, now known to be distant active galactic nuclei. Scientific studies of binary systems such as HDE 226868/Cygnus X-1 may lead to further insights into the mechanics of active galaxies.
The HDE 226868/Cygnus X-1 system shares a common motion through space with an association of massive stars named Cygnus OB3, which is located at roughly 2000 parsecs from the Sun. This implies that HDE 226868, Cygnus X-1 and this OB association may have formed at the same time and location. If so, then the age of the system is about 5±1.5 million years. The motion of HDE 226868 with respect to Cygnus OB3 is 9±3 km/s, a typical value for random motion within a stellar association. HDE 226868 is about 60 parsecs from the center of the association and could have reached that separation in about 7±2 million years—which roughly agrees with estimated age of the association.
From various techniques, the mass of the compact object appears to be greater than the maximum mass for a neutron star. Stellar evolutionary models suggest a mass of 20±5 solar masses, while other techniques resulted in 10 solar masses. Measuring periodicities in the X-ray emission near the object yielded a more precise value of 14.8±1 solar masses. In all cases, the object is most likely a black hole—a region of space with a gravitational field that is strong enough to prevent the escape of electromagnetic radiation from the interior. The boundary of this region is called the event horizon and has an effective radius called the Schwarzschild radius, which is about 44 km for Cygnus X-1. Anything (including matter and photons) that passes through this boundary is unable to escape. New measurements published in 2021 yielded an estimated mass of 21.2±2.2 solar masses.
The spin of the compact object is not yet well determined. Past analysis of data from the space-based Chandra X-ray Observatory suggested that Cygnus X-1 was not rotating to any significant degree. However, evidence announced in 2011 suggests that it is rotating extremely rapidly, approximately 790 times per second.
The largest star in the Cygnus OB3 association has a mass 40 times that of the Sun. As more massive stars evolve more rapidly, this implies that the progenitor star for Cygnus X-1 had more than 40 solar masses. Given the current estimated mass of the black hole, the progenitor star must have lost over 30 solar masses of material. Part of this mass may have been lost to HDE 226868, while the remainder was most likely expelled by a strong stellar wind. The helium enrichment of HDE 226868's outer atmosphere may be evidence for this mass transfer. Possibly the progenitor may have evolved into a Wolf–Rayet star, which ejects a substantial proportion of its atmosphere using just such a powerful stellar wind.
The compact object is thought to be orbited by a thin, flat disk of accreting matter known as an accretion disk. This disk is intensely heated by friction between ionized gas in faster-moving inner orbits and that in slower outer ones. It is divided into a hot inner region with a relatively high level of ionization—forming a plasma—and a cooler, less ionized outer region that extends to an estimated 500 times the Schwarzschild radius, or about 15,000 km.
Though highly and erratically variable, Cygnus X-1 is typically the brightest persistent source of hard X-rays—those with energies from about 30 up to several hundred kiloelectronvolts—in the sky. The X-rays are produced as lower-energy photons in the thin inner accretion disk, then given more energy through Compton scattering with very high-temperature electrons in a geometrically thicker, but nearly transparent corona enveloping it, as well as by some further reflection from the surface of the thin disk. An alternative possibility is that the X-rays may be Compton-scattered by the base of a jet instead of a disk corona.
The X-ray emission from Cygnus X-1 can vary in a somewhat repetitive pattern called quasi-periodic oscillations (QPO). The mass of the compact object appears to determine the distance at which the surrounding plasma begins to emit these QPOs, with the emission radius decreasing as the mass decreases. This technique has been used to estimate the mass of Cygnus X-1, providing a cross-check with other mass derivations.
Pulsations with a stable period, similar to those resulting from the spin of a neutron star, have never been seen from Cygnus X-1. The pulsations from neutron stars are caused by the neutron star's rotating magnetic field, but the no-hair theorem guarantees that the magnetic field of a black hole is exactly aligned with its rotation axis and thus is static. For example, the X-ray binary V 0332+53 was thought to be a possible black hole until pulsations were found. Cygnus X-1 has also never displayed X-ray bursts similar to those seen from neutron stars. Cygnus X-1 unpredictably changes between two X-ray states, although the X-rays may vary continuously between those states as well. In the most common state, the X-rays are "hard", which means that more of the X-rays have high energy. In the less common state, the X-rays are "soft", with more of the X-rays having lower energy. The soft state also shows greater variability. The hard state is believed to originate in a corona surrounding the inner part of the more opaque accretion disk. The soft state occurs when the disk draws closer to the compact object (possibly as close as 150 km), accompanied by cooling or ejection of the corona. When a new corona is generated, Cygnus X-1 transitions back to the hard state.
The X-ray flux from Cygnus X-1 varies periodically every 5.6 days, especially during superior conjunction when the orbiting objects are most closely aligned with Earth and the compact source is the more distant. This indicates that the emissions are being partially blocked by circumstellar matter, which may be the stellar wind from the star HDE 226868. There is a roughly 300-day periodicity in the emission, which could be caused by the precession of the accretion disk.
The Cygnus X-1 jets are inefficient radiators and so release only a small proportion of their energy in the electromagnetic spectrum. That is, they appear "dark". The estimated angle of the jets to the line of sight is 30°, and they may be precessing. One of the jets is colliding with a relatively dense part of the interstellar medium (ISM), forming an energized ring that can be detected by its radio emission. This collision appears to be forming a nebula that has been observed in the optical wavelengths. To produce this nebula, the jet must have an estimated average power of 4–14×1036 erg/s, or (9±5)×1029 W. This is more than 1,000 times the power emitted by the Sun. There is no corresponding ring in the opposite direction because that jet is facing a lower-density region of the ISM.
In 2006, Cygnus X-1 became the first stellar-mass black hole found to display evidence of gamma-ray emission in the very high-energy band, above 100 GeV. The signal was observed at the same time as a flare of hard X-rays, suggesting a link between the events. The X-ray flare may have been produced at the base of the jet, while the gamma rays could have been generated where the jet interacts with the stellar wind of HDE 226868.
Like other stars of its spectral type, HDE 226868 is thought to be shedding mass in a stellar wind at an estimated rate of 2.5×10−6 solar masses per year; or one solar mass every 400,000 years. The gravitational influence of the compact object appears to be reshaping this stellar wind, producing a focused wind geometry rather than a spherically symmetrical wind. X-rays from the region surrounding the compact object heat and ionize this stellar wind. As the object moves through different regions of the stellar wind during its 5.6-day orbit, the UV lines, the radio emission, and the X-rays themselves all vary.
The gas and dust between the Sun and HDE 226868 results in a reduction in the apparent magnitude of the star, as well as a reddening of the hue—red light can more effectively penetrate the dust in the interstellar medium. The estimated value of the interstellar extinction (AV) is 3.3 magnitudes. Without the intervening matter, HDE 226868 would be a fifth-magnitude star, and thus visible to the unaided eye.
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