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I've had issues multiple times with minis acting like this upon factory reset. I assume you're referring to the one where the coloured lights flash, but nothing actually ends up working.
This issue is indeed caused by SD card corruption, which the mini's factory reset process appears to be more susceptible to for some reason. This has been an issue long before Kobo stopped supporting the Mini.
And regarding SD card failures, I've already had to replace mine a few years ago. Remember that the Mini has the smallest SD card, so it'll naturally have a shorter life for equal usage.
There is planned obsolescence for the Mini, but I don't think it was through failed factory resets.
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