In a large skillet, cook the bacon over medium heat until crisp. Drain the bacon on paper towels and reserve ¼ cup of the grease in the skillet. Add the onion and jalapenos to the skillet and cook for 3-4 minutes or until the onion has softened. Add the shredded potatoes to the pan and season with salt and pepper. Stir the potatoes briefly to mix in with the peppers and onions and then spread into an even layer in the skillet. Cover and cook for 5-7 minutes until the bottom is browned. Flip the potatoes, spread back into an even layer and cook for another 3-4 minutes. Lower the heat, then sprinkle the shredded cheese and bacon over the potatoes and crack the 4 eggs on top of the potatoes. Cover and cook until the eggs are just set and the cheese has melted, 3-4 minutes.