Pcsuite.mi.com Hard Reset - ^new^

If the on-device "Wipe Data" fails or the phone is "bricked" (won't start at all), you can try downloading the Xiaomi PC Suite or the MiFlash Tool to reinstall the operating system. You will need a high-quality USB cable and a Windows PC for this.

This method requires your phone to be connected to a computer and have USB debugging enabled. pcsuite.mi.com hard reset