Details for Error code E54/0312
MFG-Mode: Problem setting keys
|Primary Error code:||2 Red & 2 Green Lights alternating|
|E-Code / Secondary Error code:||E54 / 0312|
|Binary/Hex:||00110110 / 0x36 -> 54|
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It shows that when the console is in manufacturing mode, theoretically it can also be a Southbridge issue so reflowing might work.
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Notice: None of this is official, the methods have often been proven to work but success cannot be guaranteed, you do it on your own risk!
If your console is still covered by the 3 year warranty use it because Microsoft will fix it for free!
A lot of the information you are getting here has been collected in the community, so thanks to everybody who shared his misery!