Just do this: Find a power adapter 2A output. The original one has 1A output and this is the reason behind the bootloops and laggy behavior. It's been just one day since I did this but never had a bootloop again. Yes it's still heating and what I did is to remove the back plastic case, Idk if it's helping or how much it's helping but everything seems fine now. Just use 2A output adapter and please give updates in the comments.
Strangely mine came with a 10W charger. I bought it for my kids' TV and every time I power it using one of the TV's USB ports it restarts randomly but when I use the charge it works flawlessly. I wouldn't recommend this for serious entertainment or those who use apps like Kodi. That 1GB RAM shows when you open multiple apps.
You should crosspost this in r/MiTvStick.
I never had the bootloops (using the stick for 15 months now), but have the lagging & random crashing. Gonna give this a try.
It sometimes lags but never had any bootloops. The stick itself gets a little hot but other than that it's all normal. I'll soon be buying the mi tv box which has a USB port and an extra 1GB RAM in it.
I might have to reset the stick to see if these lags goes away but after suddenly google dropping the new UI and feeling the lag has gone from fair to bad. Atleast, youtube and plex works as it should but anything intensive is gonna hog ram memory and then there's this lag we see.