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If you do that, you will still be able to read your old ebooks. Therefore the old key should still work to decrypt. It is related to your Adobe ID, not to any particular device. You can also just copy your ebooks from one device to another. You can do that without ADE, just by dragging or using your OS's copy command. There is no conversion involved and therefore it must be the same key.
It is just that with the new version of ADE the storage of the key on your computer has changed. They took the old key and applied some kind of encryption to it before they stored it.
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