[Known Issues] MTH V-1000 Smoke Issues
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If you are having issues with your recently purchased V-1000 MTH Engines, the solution was posted on the OGR forums on how to fix it! Written by David Minarik.
Original thread found here: posted on 7/28/2020 (please follow the forums rules before posting)

The most recent release of MTH V-1000s (20-21211-1 thru 20-21220-1, Custom Run 20-21271-1) are running into some issues where it will cause an over heat and melt the shell!
This is fixed by reflashing the board.
Here is where the chain files are:
Here are the steps to reflash:
1. Click on the SUPPORT tab
2. Click on the PS3 icon
3. It will down load a .ZIP file
4. Unzip the file
5. This will give you two more files
1-a .MTH file (sound file)
2-another .ZIP file (chain files)
6. Open the Loader program
7. Select the FLASH icon
8. Follow the instruction on the screen
9. Use the second .ZIP file from step 5
DONE
If you are not comfortable doing this yourself, return it to the shop you purchased it from or return it to MTH.