OK! Updated guide as per below. Experts in Mi Max, If you found anything typo or wrong, please feel free to point out.
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NOTE: TRY AT YOUR OWN RISK.
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update: 27th March 2017
- Remake of the guide from closed threads (copy and paste from old guide, re-make over and re-added links)
- add a "read me first" sections for headups and prevent weird issues.
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!! READ ME FIRST !!
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PLEASE KINDLY READ THRU THIS SECTION FIRST BEFORE STARTING. ONLY APPLY THIS SECTION METHOD IF YOU HIT A WALL. IT SHOULD SOLVE THE WEIRD ISSUES ALONG THE WAY IF YOU ENCOUNTER IT.
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It came to my notice is that windows 7 may have problems detecting the phone upon connecting to the PC.
If it happens to you, please download the
QUALCOMM HS-USB QDLOADER and unzip it.
Upon connecting to the phone after you have pressed the vol+, vol- and power button to boot up, if the drivers failed to detect, please go to device manager and locate "QHSUSB_BULK" (usually is this). Manually install it by pointing it to the unzip qualcomm "DRIVER" folder.
This should solve the driver issue. Note this can be also use if you have problem other windows version. (note as of now, win7, win8, win8.1, win10)
And for windows 8, windows 8,1 & windows 10, you may need to disable your windows drivers signature thingy via the below method. (contribute by bro kelvint, edit abit on the text though

)
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Disabling Windows drivers signature thingy method for Windows 8.1 & 10 64-bit:
Permanent method:
> Press the Windows key + X and then click “Command Prompt (Admin)”, as shown below:-
> bcdedit.exe -set loadoptions DDISABLE_INTEGRITY_CHECKS
> bcdedit.exe -set TESTSIGNING ON
> Reboot your PC!
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Next up will be the EDL mode usb plugging issue. Do note that every time you wish to replug the usb connection to your PC, you have to restart the EDL mode (just press and hold the vol+, vol- & power button until vibrate then let go, typically 10secs or more if you restart at EDL mode). If you don't restart it, and you replug it, the system won't recognised the device again.
Same applies to the MiFlash (be it beta or official), just relaunch the proggy if you have click refresh on it.
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One of the bros (cokiee) have reported that the MIFlash have to be install in root dir of "C:\", as he couldn't get it detected somehow when it is being install elsewhere. But well this might be an isolated case. But nevertheless, I put it here just in case anyone of you encounter this problem.
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Lastly, please ensure you downloaded the fastboot rom and not the recovery rom. How to differentiate? Simple, *.zip is recovery rom, *.tgz is fastboot rom. If you use recovery rom to flash in EDL Mode, it will show error on the Miflash itself, something like "can not read from port (COMxx)".
And for the extraction of rom, please always extract to the root of your HDD partition and eleminate any spacing in the folder name. Simplest way (using winRAR method) is just extract to "C:\" for example. The fastboot ram *.tgz itself have its folder, so it won't create a mess on your HDD root partition.
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FLASHING PART
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1. Download the preferred official fastboot rom for the XiaoMi MI Max.
2. Download and install the miflash from
here. This will be used for flashing the fastboot rom.
3. Unzip the fastboot rom
4. Run the MiFlash as administrator. Click on select and point it to the root folder of the unzipped fastboot rom. e.g. C:\fastboot_rom_folder_name. After that on the bottom right, check on "clean all" options.
5. On your phone, get to developer mode to enable USB debugging. This step might not be necessary though, but before my phone gotten into boot loop after flashing from Mi PC suite, i did enable.
6. Turn off your phone. Press and hold vol+, vol- and power button to get to EDL mode. Note that the screen will not show anything, you will know it has power on as it will have vibration upon bootup.
7. Connect phone to PC, wait for it to detect and install the necessary drivers. Refresh on MiFlash and your phone should show up, e.g. COM1. If it does not show up, try refreshing a few times, else disconnect and reconnect your phone.
8. Click on flash and wait. This part a bit scary, you can only see the progress on your computer as the phone screen won't show anything!!
9. After success, unplug and reboot your phone by holding on to the power button. The phone will be setting up itself to the new rom. After which, enjoy the newly flash rom.
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Cheers!