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The port (COM7) is specified in "Tools > Port" in the Arduino IDE. And in fact Serial Monitor can connect and display messages successfully. (For the upload attempts I detached the Serial Monitor as I ...

Attempt to upload a sketch to an Arduino Pro Mini with an Atmega 328 processor, 8mhz clock speed, and 3.3v logic using the FTDI adapter by lowpowerlabs using Arduino IDE version 2.0.4.