A brain-machine interface (BMI) based on motor imagery (MI) enables the control of devices using brain signals while the subject imagines performing a movement. It plays an important role in prosthesis control and motor rehabilitation and is a crucial element towards the future Internet of Minds (IoM). To improve user comfort, preserve data privacy, and reduce the system's latency, a new trend in wearable BMIs is to embed algorithms on low-power microcontroller units (MCUs) to process the electroencephalographic (EEG) data in real-time close to the sensors into the wearable device. However, most of the classification models present in the literature are too resourcedemanding, making them unfit for low-power MCUs. This paper proposes an efficient convolutional neural network (CNN) for EEG-based MI classification that achieves comparable accuracy while being orders of magnitude less resource-demanding and significantly more energy-efficient than state-of-the-art (SoA) models for a long-lifetime battery operation. We propose an automatic channel selection method based on spatial filters and quantize both weights and activations to 8-bit precision to further reduce the model complexity with negligible accuracy loss. Finally, we efficiently implement and evaluate the proposed models on a parallel ultra-low power (PULP) MCU. The most energy-efficient solution consumes only 50.10 µJ with an inference runtime of 5.53 ms and an accuracy of 82.51% while using 6.4f ewer EEG channels, becoming the new SoA for embedded MI-BMI and defining a new Pareto frontier in the three-way trade-off among accuracy, resource cost, and power usage.