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Relatedly, is it possible to do a clean install of Sequoia on an M4 Mac mini from a USB-C thumb drive, provided there are no flashing LED?
 
Yes, it seems that faulty was... monitor! Or rather fact that its old. im using iiyama from 2018 that uses hdmi 1.2 i guess. After pluging it to newer monitor that uses hdmi 2.0 i can get to the mac activation screen. i also used magic keyboard instead of regular windows one.
 
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