This Mac mini is embedded in a 19" rack exclusively for doing some audio tasks and must be considered as an audio processor, so the power switch is not accessible to the end user and none APC / UPS install would solve my case.
I tried different things like downgrading to Sonoma but no changes, so it doesn't seems related to Sequoia.
Then I noticed that if I set 'Set time and date automatically' to OFF, the date is going back to 31 December 1969 after some minutes with the power cable removed. The internal battery was changed but it doesn't solved the problem. Then I moved back 'Set time and date automatically' to ON because there was no internet access (and probably many other things) with the 1969 date. Then I proceed to some hardware diagnostics but nothing was found.
If I tried to enable 'Start up automatically after a power failure' from Terminal instead of Setting / Energy I get the following error :
sudo systemsetup -setrestartpowerfailure on
Password:
2024-12-16 22:58:53.214 systemsetup[744:8420] ### Error:-99 File:/AppleInternal/Library/BuildRoots/b11baf73-9ee0-11ef-b7b4-7aebe1f78c73/Library/Caches/com.apple.xbs/Sources/Admin/InternetServices.m Line:379
setrestartpowerfailure: On
support@Supports-Mac-mini ~ %