Cygnus X-1 (abbreviated Cyg X-1) is a well-known galactic X-ray source in the constellation Cygnus. It was discovered in 1964 during a rocket flight and is one of the strongest X-ray sources seen from Earth, producing a peak X-ray flux density of 2.3×10−23 Wm−2Hz−1 (2.3×103 Jansky). Cygnus X-1 was the first X-ray source widely accepted to be a black hole candidate and it remains among the most studied astronomical objects in its class. It is now estimated to have a mass about 14.8 times the mass of the Sun and has been shown to be too compact to be any known kind of normal star or other likely object besides a black hole. If so, the radius of its event horizon is probably about 26 km.
Cygnus X-1 belongs to a high-mass X-ray binary system about 6,100 ly from the Sun that includes a blue supergiant variable star designated HDE 226868 which it orbits at about 0.2 AU, or 20% of the distance from the Earth to the Sun. A stellar wind from the star provides material for an accretion disk around the X-ray source. Matter in the inner disk is heated to millions of degrees, generating the observed X-rays. A pair of jets, arranged perpendicular to the disk, are carrying part of the infalling material away into interstellar space.
This system may belong to a stellar association called Cygnus OB3, which would mean that Cygnus X-1 is about five million years old and formed from a progenitor star that had more than 40 solar masses. The majority of the star's mass was shed, most likely as a stellar wind. If this star had then exploded as a supernova, the resulting force would most likely have ejected the remnant from the system. Hence the star may have instead collapsed directly into a black hole.
Cygnus X-1 was the subject of a friendly scientific wager between physicists Stephen Hawking and Kip Thorne in 1974, with Hawking betting that it was not a black hole. He conceded the bet in 1990 after observational data had strengthened the case that there was indeed a black hole in the system.
Read more about Cygnus X-1: Discovery and Observation, Star System, Stephen Hawking and Kip Thorne