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This is generally the cleanest way to thaw a package of bacon. Simply put it in the fridge in its original container and wait for it to thaw to a uniformly soft texture. This can take anywhere from a couple hours to a day or more depending on your refrigerator's temperature.  This method of thawing generally leaves the bacon usable for the longest amount of time — it's almost as if you transferred fresh bacon directly into the fridge. You can cook or refreeze the bacon within seven days. For loose slices of bacon, place them inside a sealed plastic bag or container before defrosting. This can help prevent the dehydrating effects of cool refrigerator air. Fill your sink with cold water from the faucet. Drop the package of bacon into the water and let it sit. If it floats, weigh it down with a heavy pan or plate. Smaller packages will take 10-15 minutes to fully thaw. Larger packages may take up to an hour. If it takes longer than 30 minutes, dump the water and refill again with cold water.  Don't use warm or hot water. This will make the outside of the bacon warm quicker than the inside, ruining its texture and potentially causing dangerous bacteria growth. If you're not thawing the bacon in its original package, make sure you seal it in an airtight bag. You don't want the bacon to come into direct contact with the water — this can be unsanitary and may affect the bacon's taste or texture. Place the bacon on a paper towel-lined plate and defrost it for three minute intervals, checking its texture between each defrosting. Separate the bacon as it defrosts to speed up the process. You can leave the bacon in its original package, but if you do, poke a few holes in the package to allow it to vent. If you don't, steam can build up and cause an explosion. Once the bacon is completely thawed, you're ready to start cooking. Transfer it to a frying pan (or another vessel if you're using a different cooking method like baking) and cook it as you normally would.  Be sure to wash your hands after handling defrosted bacon. Warming uncooked bacon to luke-warm heat (like most defrosting methods do) makes it a prime breeding ground for bacteria. Most thawed bacon should be cooked fairly quickly to avoid bacterial contamination. The exception is bacon thawed in the fridge — since it's kept cool, it's generally safer to store.

Summary:
Thaw in the refrigerator. Thaw in cold water. Defrost in the microwave. Cook thawed bacon normally.