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Turn the pressure cooker on to the Sauté function. When the display reads Hot, add the oil.
Add the onion, celery, and bell pepper, and bay leaves. Cook, stirring occasionally, until the onion starts to turn translucent.
Add the thyme, smoked paprika, pepper, and salt. Stir.
Add the garlic and jalapeño. Cook for about 30 seconds, stirring frequently.
Add the broth, balsamic vinegar, bacon, and ham hock.
Stir in the black-eyed peas, and collard greens, if using.
Place the lid on the pressure cooker, locking it in place. Set the steam release knob to the Sealing position. Cancel the Sauté function.
Press the Pressure Cook/Manual button (or dial) and use the + or - button (or dial) to select 17 minutes (for firmer beans choose 14 minutes). High Pressure.
When the cooking cycle has ended and the pot beeps, let it sit undisturbed for 15 minutes (15 minute Natural Release), then turn the steam release knob to the Venting position to release the remaining steam/pressure.
When the pin in the lid drops down, open it and give the contents a stir. Discard bay leaves and ham hock (the ham hock won't be tender, it is for flavor, but if you can get some meat off of it, add it to the pot!).
Serve over rice for a Hoppin' John, or as is. Enjoy with cornbread to sop up that yummy broth! Happy New Year! Or, any time of year!