Password recovery on MikroTik Router

Scenario

While doing some MikroTik Labs at home, you have tried to access to a used router that you just bought it from ebay but there were a administrator password set on it. For this, you have decided to get access to the router by re-installing the RouterOS on it.

Your tasks are:

Go to Mikrotik.com and download Netinstall and the RouterOS.
Connect your PC to Eth1 interface of the MikroTik Router
Set an IP address on your PC to 10.0.0.254/24
Open Netinstall and set Netbooting to 10.0.0.1
Power on your MikroTik router and keep pressing on the reset button until the router shows on Netinstall
Select the RouterOS and click on install & wait until it finish
Reboot the router and try to access to it via winbox using the default account (username = admin, password =blank). Does it work?

Netinstall Lab