Slice bacon into 1 inch slices and cook until crisp. Remove bacon from pan while reserving fat.
Dice jalapenos (remove seeds if you do not like heat), and sautee in bacon fat. Remove from pan while reserving fat.
In a pot, add bacon fat, broth, butter and spices. Bring to a boil and reduce heat to simmer for 15 minutes.
Using an immersion blender, emulsify the broth to incorporate the fats into it. Once done, add cream and shredded cheese (I use my food processor for this).
Stir together and season to taste. Add jalapeno and bacon into pot and let simmer for 5 minutes before serving.