Heat a large, lidded cast iron pot over medium-high heat. Add bacon and fry until browned but not crispy, about 5 minutes. Quickly add cabbage pieces and water, in that order. Cover the pot with the lid and allow cabbage to steam, about 1 minute. Season with cayenne pepper and salt and boil for 15 minutes.
Remove lid and reduce heat to a high simmer. Cook until all liquid has evaporated and cabbage is browning in the bottom of the pot and wilted but not soggy, about 10 minutes more. Scrape the bottom of the pot regularly and turn cabbage to prevent sticking.
