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Place 1 cup water in the bottom of your Instant Pot. Put a trivet or steamer rack in the pot (either the one that came with your IP or an egg steamer rack, such as these stackable egg racks.)
Place eggs in a single layer on top of the rack.
Close your Instant Pot lid and turn the steam valve to the sealing position.
Set the Instant Pot to manual/pressure cook, high pressure, and use the +/- button to set the cook time to 5 minutes.
When the cooking time is finished: If you have a 6 quart Instant Pot, do a 5 minute natural release (leave the Instant Pot alone for 5 minutes) and then quick release any remaining pressure. If you have an 8 quart Instant Pot, quick release the pressure as soon as the cook time ends by carefully turning the steam release valve to the venting position. I usually do this with the handle of a long serving spoon.
When the float valve drops down, the pressure has been released and it is safe to open your Instant Pot. Carefully remove the lid and immediately transfer the eggs to a bowl of ice water using tongs, a spoon or an oven mitt.
Let the eggs cool in the ice water for 5 to 10 minutes and then peel. Hard boiled eggs can be eaten right away or stored in the refrigerator for up to 1 week.