You can also connect to the router using a standard DB9 or RJ45 serial null-modem cable from any PC. Default settings of the router's serial port are 9600 bits/s (for RouterBOARD 500 series - 115200 bits/s), 8 data bits, 1 stop bit, no parity, hardware (RTS/CTS) flow control. Use terminal emulation program (like HyperTerminal or SecureCRT in Windows, or minicom in UNIX/Linux) to connect to the router. The router will beep twice when booted up, and you should see the login prompt shortly before that (check cabling and serial port settings if you do not see anything in the terminal window).
When logging into the router via terminal console, you will be presented with the MikroTik RouterOS™ login prompt. Use 'admin' and no password (hit [Enter]) for logging in the router for the first time, for example:
MikroTik v7.0 Login: admin Password:
The password can be changed with the /password command.
[admin@MikroTik] > password old password: new password: ************ retype new password: ************