Chi Cygni is a Mira variable star in the constellation Cygnus, and also an S-type star. It is around 500 light years away.
Illustration of Cygnus from Urania's Mirror, with χ marked as variable
The spectacular dimming of Chi Cygni is largely driven by a wavelength shift during its cycle. Even when very dim in visible light it's bright in the infrared.
Mira variables are a class of pulsating stars characterized by very red colours, pulsation periods longer than 100 days, and amplitudes greater than one magnitude in infrared and 2.5 magnitude at visual wavelengths. They are red giants in the very late stages of stellar evolution, on the asymptotic giant branch (AGB), that will expel their outer envelopes as planetary nebulae and become white dwarfs within a few million years.
Mira, the prototype of the Mira variables