If the WATER control knob must be set to MIN for the heater to function, the likely cause is that the pump filter has not been cleaned properly.
There may also be other causes of low water flow that must be corrected.
If the water flow is correct, it should be between 10–12 liters per minute passing through the heat exchanger. If the water temperature leaving the heat exchanger is below the thermostat limit (70°C) but it still trips, the thermostat may be faulty.
If these are disconnected and then reconnected, and everything then works, the fault is probably with the thermostat, which will need to be replaced.
Note that bypassing the thermostat may only be used for testing and must not be left that way during normal operation.