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Have you tried usb reset
Have you remove (Recording) USB drive while resetting
I have 2 z8's and a pro never had a problem
I thought you were supposed to press red button repeatedly
In your video your pressing channel up
Now i take it your doing usb one
Could there be a problem with the HDMI cable?
Have you tried changing the HDMI cable?
Have you tried another HDMI input on your TV?
Try your Z8 on another TV.
The box is one week old.
I have bought six boxes and two of them have the same problem.
Try this article from forum
Factory Reset after firmware 1.2.71 and newer
If the box doesn't reset, send the faulty 2 back as there must be something wrong with the recovery image that stops being reset.
On the formulers website its says channel up when you are using a usb to do a factory reset and the red button if you don't use an usb.
Now i will try with another hdmi cable and will get back to you. 
Like greenfordraj said send faulty ones back, Didn't know anywhere was still selling Z8
Same problem when i tryed with another hdmi cable.
After many attempts i get in to the box but after the firmware uppdate the box will restart and then i have the same problem again.
Lock at the link below
This happened to me too ... I disconnect my VPN and succeeded ...
Same problem when i tryed with another hdmi cable.
After many attempts i get in to the box but after the firmware uppdate the box will restart and then i have the same problem again
HDMI cable will not be causing this issue.
From your video, factory reset worked but software update fails.
Try connection via LAN cable if connected by WIFI or a different cable if already connected by LAN.
The firmware reset image, I believe is already on the box which is used to factory reset.
The LAN cable is needed to update software via internet connection.
If it still doesn't work and the boxes are within warranty, return them
In the Video: Update was ok (shows the installed mol2 version at end and started with reboot) after MOL 2 install, but then he got boot loop. This can be only fixed with successful factory reset.
Second: All connected external devices should be disconnected through this process.
Even after the update , the continued the fairlure of reboot seem to be a cpu problem . if the warranty period remains , send it back to your reseller
Could there be a problem with the HDMI cable?
Have you tried changing the HDMI cable?
Have you tried another HDMI input on your TV?
Try your Z8 on another TV.
if there was HDMI issue there would be nothing showing on screen , logos, boot up nothing... so thinking HDMI is not the issue..
im now having this issue, i tried to do the manual reset i would get the blurred ring but no progress bar under and it would eventually turn off, now tried with the usb and have the progress bar but not moving once its full, its been a hour at 100%
