ERROR x86 emulation currently requires hardware acceleration. Intel HAXM is not installed on this machine

I had recently updated Intel x86 Emulator Accelerator revision 5.1: HAXM installer from the Android SDK Manager tool on my Mac OS X operating system running 10.10 Yosemite. I found that after the update when I run my Project on Emulator my mac mini was getting heated up (temperatures rising up to 95º). The emulator was not getting booted up!

I got the following error message on Eclipse Console :

[2014-11-24 13:11:15 - app] ------------------------------
[2014-11-24 13:11:15 - app] Android Launch!
[2014-11-24 13:11:15 - app] adb is running normally.
[2014-11-24 13:11:15 - app] Performing com.example.app.MainActivity activity launch
[2014-11-24 13:11:15 - app] Automatic Target Mode: Preferred AVD 'avd' is not available. Launching new emulator.
[2014-11-24 13:11:15 - app] Launching a new emulator with Virtual Device 'avd'

[2014-11-24 13:11:16 - Emulator] emulator: ERROR: x86 emulation currently requires hardware acceleration!
[2014-11-24 13:11:16 - Emulator] Please ensure Intel HAXM is properly installed and usable.
[2014-11-24 13:11:16 - Emulator] CPU acceleration status: HAX is not installed on this machine (/dev/HAX is missing).

Solution :

1. Goto the location where android sdk eclipse bundle is been installed on your system.
2. Now goto : \sdk\extraiIntex\Hardware_Accelerated_Execution_Manager\
3. Here you must see the Intel HAXM dmg file : IntelHAXM_1.1.1_for_10_9_and_above.dmg

Install this setup and try running your emulator, things should get fine now!