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It was the burn address with the most BTC received in 2017 according to http://bitcoinwhoswho.com/blog/2017/12/30/8-97-bitcoins-burned-in-2017/. It's Hash160 is 0000000000000000000000000000000000000000. In Sept 2015 it served as a 40 BTC proof-of-burn address for Blockstore.

So, why did it receive 14,270 inputs of BTC dust in 2017 totaling 8.70069482? Why does "unable to decode output address" accompany this address on every transaction on Blockchain.info? https://blockchain.info/address/1111111111111111111114oLvT2

In this transaction it appears similar to a change address: https://blockchain.info/address/16HBq938GwQkpWKWFkAomt4KpQeWUqXsZR

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    The "unable to decode" is an OP_RETURN output which simply contains some arbitrary data to be inserted into the blockchain as part of the transaction. See op-return. Feb 5 '18 at 5:34
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  1. what is 111...1114oLvT2?

See also here, it explains in detail on the logic behind „proof of burn“, including op_return.

  1. why 14,270 BTC?

We cannot know. Pure speculation would be, that people write scripts, to do a proof of burn. Or also, they could provide a P2SH tx, where the hash of a text is provided. Think of it as „I can proof, that I had a data, that I published as a ahah into the bitcoin blockchain“ (proof of existence). Also one could think of a recurring payout from a faucet or mining contract. We don‘t know.

  1. why unable to decode?

answered by Nate

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1111111111111111111114olvt2 appears to be used as the Proof of Burn address of Blockstacks Core. I had never heard of that project before, but they describe themselves as:

Blockstack is a new internet for decentralized apps where users own their data.

Blockstack applications follow a can't-be-evil design philosophy. They cannot alter, transfer, or revoke the user's identity, and they cannot read or write the user's data without permission. Blockstack provides the platform, network, and SDKs for building can't-be-evil applications using existing Web tools. If you are Web developer, all of your skills are immediately transferrable to Blockstack.

I found their project via a note on the oxt.me explorer for the address in question.

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