Soak the beans overnight and change the water at least once.
Drain the beans and add them to the pressure cooker along with the 8 cups of water and the bay leaves.
Cook over high heat until you hear the pressure. Lower the heat to medium low and cook for 40-50 minutes or until the beans are soft. (If you don’t have a pressure cooker, just simmer in a heavy cooking pot for 2 to 3 hours or until the beans are soft.)
In a large skillet, over medium high heat, add the pancetta and fry until golden brown.
Add the olive oil and the chopped onion and garlic and sauté until translucent.
Transfer the pancetta/onion/garlic to the pot of beans and add the tabasco sauce, the chopped parsley and the cumin. Stir everything together.
Simmer, covered, over medium low heat for 20 minutes.
Using a hand blender (or doing in batches in a regular blender), blend the beans until you have a smooth soup. Add more water if necessary to obtain desired consistency.
Season with salt and pepper.
Garnish with fried pancetta/bacon and chopped parsley or green onions.