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There is a newer version of mingw - mingw-w64, which is actively developed. mingw32 - is obsolete version, last stable release was in October 4, 2013. You can read more about it in Wikipedia: https://en.wikipedia.org/wiki/MinGW
I just tried to crosscompile the latest master branch revision of OpenCV using mingw-w64 5.3.1 toolchain provided by Ubuntu - it resulted with success. Most probably it can be built in Windows too.
I'd recommend using the Visual Studio for compilation as it is the most tested method. If you wish to use mingw-w64, I'd recommend to take a look at the QtCreator, because it is a great IDE which supports both cmake and mingw with several clicks.
