Firstly, I want to say that I looked into all the solutions in here and on the net but couldn't resolve the issue.
My system properties : 16GB RAM, Intel Core i7-7700HQ CPU 2.80ghz and 64-bit version of Windows 10.
The virtual device I'm trying to use : Nexus 5X API 30, Android 11.0, arm64/x86 for CPU/ABI.
When I'm trying to start android-studio emulator this error(in the title) pops up. What I've done so far is:
I installed Android Studio to C:\Program Files\Android\Android Studio and after that I installed SDK's to E:\Android-SDK folder because my default path C:\Users\username\AppData\Local\Android\Sdk has non-ascii characters and space because of my username.
I changed the values of environment variables ANDROID_HOME and ANDROID_SDK_ROOT to E:\Android-SDK
I have 16GB RAM and enough memory for both C and E disks (40gb and 140gb respectively.). I'm not facing any issues while executing the program, just the emulator doesn't work properly and nothing appears in the Event Log (can be seen in below).
Lastly, while I was searching for the solution I noticed that all of the people who are suffering from this error have a common ground that is they're using non-ascii characters because of their alphabet. Android studio doesn't allow you to use non-ascii characters in the file path. As I mentioned above my SDK paths are not the default for this reason. So the error might be caused by this.