How to execute ELF file compiled for MIPS architecture on x86_64 Windows?

In order to execute MIPS binary we will need to emulate architecture that it was compiled for. A good solution to accomplish this is using the QEMU emulator.

Crackmes [Reverse] - TRVCrackme v1.0 (MIPS) [Very easy level]

In this task we are given a binary compiled for MIPS architecture. Therefore to execute it you have to find workstation that have MIPS architecture or emulate its behavior. Of course you can produce keygen without even executing it, because the logic is quite straighforward. By the time I managed to execute it I have already understood what it does.