converting midi files is very different from converting other audio formats. all midi files really are is instructions to your sound card to play instrument x (i.e. drums/guitar/etc) for x amount of time, so there really can't be any "compression codec" for midis because soundwise that is just about the smallest file you can get.
if you are trying to convert one specific midi to an mp3, the most simple / straightforward thing you could do is use dbpoweramp auxillary input (or any other audio recording program for that matter) to record the midi to an mp3. all you would need to do is open the recording program, set the recording input to 'mixed output' (this is easily accessed in auxillary input by selecting 'input source' under the options menu, although im not sure if all sound cards support this), and play the midi in a different program while recording.
however, this is time-consuming, and if you are looking to mass convert multiple midi's, you would need a different program capable of converting midi's on the fly.
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