Place black beans in a large bowl and cover with 2 inches of water. Let soak for 8 hours. Drain.
Combine drained beans, chicken broth, onion, jalapeno, garlic, cumin, chili powder, bay leaf, and Tabasco sauce in a Dutch oven.
Bring to a boil. Reduce heat, cover, and simmer for 2 hours, stirring occasionally.
Uncover and simmer for another 30 minutes. Add a little water if they get too thick before the beans are tender.
Season to taste with salt and pepper and add lime juice.
Serve with red onion, pickled jalapenos, and crumbled cotija cheese.