This occurs if you use the downloaded mips image and downloaded mips kernel, but have no qemuboot.conf. you get an early kernel panic and a "Data bus error" right after Enabling cache parity protection.
seriously... the lsb builds use a 4.1 kernel and non-lsb use 4.8... sigh.. The fix for this issue caused the standard multilib mip64 core-image-minimal to fail. This issue has something to do with the console.
Fixed on master branch: http://git.yoctoproject.org/cgit/cgit.cgi/poky/commit/?id=c68e4c6e3eb612bb7afd9d7f1e9a6dc295d44346