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#21
It depends upon which type of activation you have which depends upon the method by which you achieved activation.
Two examples:
1. You do an in place upgrade from Windows 7/8/8.1 to Windows 10. The Windows 10 will create it's own activation based upon the genuineticket.xml file created during the upgrade (the license for the previous OS, not the product key) and use the generic product key that everyone gets for an upgrade. It will push that activation along with the hardware ID to Microsoft activation servers for future use. That is called a digital entitlement. If you have such a digital entitlement stored on MS activation servers then no product key is required in the future because Windows 10 will retrieve the license from Microsoft using the hardware ID. (In layman's terms, "tied to the motherboard"). This type of activation cannot be moved from computer to computer (or motherboard to motherboard) because there is no unique product key to generate a new activation with.
2. You purchase a Windows 10 Product Key for a new computer that has never had Windows 7/8/8.1 on it. You activate Windows 10 by entering your purchased Product Key. This type of activation is just like the old activations - it retrieves a license from Microsoft activation servers based upon the unique product key entered. This is called a Product Key activation and is not stored on Microsoft activation servers (although they do track the number of times and frequency that product key is used). Each time Windows 10 is re-installed, the product key will have to be entered for activation.