In a large Dutch oven over medium heat, add the diced bacon. Cook while stirring occasionally until the bacon is slightly crispy and golden brown. Remove from the pan and drain on a paper towel-lined plate.
Add chicken broth, diced potato, thyme, bay leaves, and hot sauce. Bring the soup to a boil and continue to cook for 20-25 minutes, or until the potatoes are tender.
In a small bowl, whisk together the cornstarch and cold water, then slowly add the slurry while stirring. Allow to boil for 2 minutes to allow the slurry a chance to thicken the soup.