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There are a number of difficulties with this:

1. VC Runtime 8.0 used in existing builds of some dependencies is not compatible with Windows 95(requires Windows 98 at least).
2. Most of the components are built with i686 instruction set, which is only available starting with Pentium Pro.

This article …

This article is based on mingw-w64 version 10, which is included with Debian Bookworm. It should be pretty straightforward to do the same thing with other mingw-w64 versions.