Rinse 2 lb raw peanuts under cold running water in a colander, discarding any damaged or floating peanuts.

Pour 8 qt water into an 8-quart stockpot and bring to a rolling boil over high heat, about 10 minutes.

Stir in 1/2 cup kosher salt, 2 tbsp Old Bay, 1 tbsp garlic powder, 2 tsp black pepper, 1 tsp cayenne (if using), and 4 bay leaves until the salt dissolves.

Add the rinsed peanuts, stir to submerge, and return the pot to a boil.

Reduce heat to medium-low and simmer gently for 4–5 hours, stirring every 30 minutes and adding hot water as needed to keep peanuts submerged.

Begin testing at the 4-hour mark: remove a peanut with a slotted spoon, cool 1 minute, and taste. Shell should be soft and the nut tender.

When desired tenderness is reached, drain peanuts in a colander and let cool 30 minutes before serving warm or at room temperature.