Denuvo uses "hardware fingerprinting" to identify your PC. It doesn't just look at your serial number; it creates a unique ID based on your hardware configuration and software environment. Consequently, the DRM may trigger a "new activation" even if you haven't switched physical computers:
Understanding the Denuvo 5 Machine Activation Limit If you have browsed Steam recently for major releases like Civilization VII or Assassin’s Creed Shadows , you have likely encountered a specific warning: denuvo 5 machine activation limit
When you hit the limit, you will typically see an error message stating: Who is most affected? Denuvo DRM protection and 5 activations per day limit Denuvo uses "hardware fingerprinting" to identify your PC