Hi, Im sorry to heart that,
But I would replace the sensor when you get so you dont have the issue again. Its its connector plug is loose, or that it is getting weak which is whats most likley so I would just replace it. I will help you with that. before you remove the old one, take a couple of pics with your phone or camera only because the new one needs to a certain distance form the magnet.
All you need are a few basic hand tools to do this, and the sensor just plugs in no soldering required its easy to change ;-)
In any case, I will stick with you until this is complete.
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Hi, I have many years of hands on experience working on treadmills etc.
So yes Im pretty sure that all the issue is. These sensors become weak over time, then they dont send a signal to the console. When that happens, you get the error that it doesn't see the sensor so it wont run.
Sometimes it is the console but almost never with this problem;-)