UPDATING THE FIRMWARE IS NOT SUPPORTED BY MONOPRICE
Do not update the firmware before completing a few prints.
Updating the firmware before using the printer introduces another variable to the troubleshooting session you may have to go through.

Link to V1 firmware - Look within the folders “Firmware - V1 ONLY” → “Individual” → “Motion - V1 ONLY” → Choose version 26 or higher.
Link to Motion Controller V40 for MPSM V2 firmware

1. Right click the microSD card drive and then left click Format
2. Click the File system dropdown and select FAT32
3. Click the Allocation unit size dropdown and select 512 bytes
4. You can leave the Volume label field alone or rename if you wish
5. Under Format options, uncheck the Quick Format box. It is best to perform a full format to scan the card for bad sectors. NOTE: I have had some memory cards not allow me to perform a full format leaving no choice but to leave the Quick Format box checked.
6. Click Start and a WARNING window/box will pop up letting you know all data will be erased from the card. Click OK to proceed or Cancel if you need to copy the files from the card to the computer.
7. The formatting process begins. A full format will probably take a minute or two. A quick format should only take a few seconds to complete.
8. When the Format Complete box appears, click OK. Then click Close

1. Download the zip file and extract the contents.
2. Copy fcupdate.flg and update.bin (V1) / firmware.bin (V2) onto the root of the microSD card.
3. With the MP Select Mini powered off, insert the microSD card into the microSD card slot.
4. Turn on the MP Select Mini. Updating begins: “MP” boot logo will be displayed.
5. When the updating procedure is complete the firmware versions will be displayed.
6. IMPORTANT: After successfully updating, turn the MP Select Mini off, remove microSD card and delete the fcupdate.flg and update.bin/firmware.bin files.
   (If flashing to a different version then follow the steps below)

1. Restore default firmware settings using M502 and save the settings to EEPROM using M500
   Do you need help on how to send these commands? See Sending G-code
2. Run PID Autotune

YouTube link: https://youtu.be/zAj9wqvPNfA - Updating motion controller firmware - The method shown in the video is a different method of the update process.