Chop bacon into about 1/2 inch pieces
Heat wok, stir-fry pan or skillet over medium heat.
Add bacon to pan, stir and cook until almost done. Or if not using bacon, add oil and heat.
Add onion to pan, cook until tender, but try not to brown it.
Add hot sauce and stir it in if using.
Add frozen peas and carrots, stir until not frozen and half cooked. Add water chestnuts if using, stir 1 minute.
Add rice, stir for a minute, add soy sauce.
Add peanuts and bean sprouts. Stir for a couple minutes.
Make a hollow place in the center of the mix.
Add the eggs to this hollow you made.
Scramble eggs until mostly done.
Mix eggs into the rest of the rice mixture. Turn heat to medium-low. Stir for about 2 minutes to make sure all is hot.
Serve.
