Haha, ****ing crap.
Xiaomi servers are ****. I am nearly certain that bad servers are causing the cameras to be bricked. Aftef flawlessly upgrading my YI for each and every firmware through the app, on which I made bunch of tutorials on my YouTube channel, today I did the same thing. Only this time, my camera continued to beep for an hour. Yup an hour. I thought that servers will eventually come to their minds, but nope. I then turned camera on, then off. It remained to beep.
So I pulled out an SD card and inserted another one, my camera is working.
Maybe this can help someone. I will wait for their crappy servers to recover and try to update in the morning, when there is less traffic in China. Does this make any sense?
The one more reason why I assume its their servers, because after an hour of beeping, I minimized the app and try to download it again. Guess what it said? 3 hours remaining for few bloody MB of app! So it must be their servers not responding well. Good thing is that I recovered my camera fairly quickly, but lots of people will not have a ready SD cards to replace, and what then? Really bad thing to happen.