Borrowing isn't tied to the version of the Kindle - it works on every device, from what I can see (possibly on every app, I haven't tested that).
You tell the library you want a Kindle edition, checkout, then get a link - click it and you go to Amazon and tell it which of your Kindles you want it on (you can send it via WiFi to the newest ones only or transfer via USB to any of the older ones).
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