IP-Config: Got DHCP answer from 169.254.1.3, my address is 169.254.1.25
[ 6.865645] IP-Config: Complete:
[ 6.869067] device=usb0, hwaddr=3e:86:e9:6e:d0:1b, ipaddr=169.254.1.25, mask=255.255.255.0, gw=169.254.1.3
[ 6.879670] host=169.254.1.25, domain=, nis-domain=(none)
[ 6.885788] bootserver=169.254.1.3, rootserver=169.254.1.3, rootpath= nameserver0=169.254.1.3
[ 6.925660] VFS: Mounted root (nfs filesystem) on device 0:14.
[ 6.934503] devtmpfs: mounted
[ 6.940223] Freeing unused kernel memory: 1024K
[ 7.052202] request_module: runaway loop modprobe binfmt-0000
[ 7.063665] Starting init: /sbin/init exists but couldn't execute it (error -8)
[ 7.183802] request_module: runaway loop modprobe binfmt-0000
[ 7.195233] Starting init: /bin/sh exists but couldn't execute it (error -8)
[ 7.202828] Kernel panic - not syncing: No working init found. Try passing init= option to kernel. See Linux Documentation/init.txt for guidance.
[ 7.216617] ---[ end Kernel panic - not syncing: No working init found. Try passing init= option to kernel. See Linux Documentation/init.txt for guidance.
[ 127.067601] random: crng init done

Something is wrong with your init. A few questions:
What kind of computer and operating system is this?
Has it ever booted successfully?

You are mounting an NFS filesystem as root, from NFS server 169.254.1.3 if I understand the messages correctly. Find init on the NFS server's exported filesystem, check its permissions, architecture etc; in short, check whether it can be executed on the NFS client.