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RE: What happens to a post's payout after the initial 24 hour time limit?
Yes the system resets every 24 hours and the post can earn $ again. If a large vote(s) is received just prior to the payout time expiring then it will extend the payout expiry period based on a formula which isn't clearly explained. Check out page 19 of the Steemit White Paper for further information.
Thank you!