Pop popcorn in a large pot, an air popper, a popcorn popper, or a microwave as desired. Separate popcorn into two even batches, placing them in large bowls. You should have about five cups for each batch.
Adjust oven rack to middle position and preheat oven to 225°F.
Add butter, brown sugar, corn syrup and salt to a medium saucepan set to medium-high heat.
Whisk to incorporate and bring to a boil.
Let bubble untouched for three minutes until gooey and caramel-scented.
Remove from heat and add baking soda, whisking to combine.
Pour caramel onto one batch of popcorn, stirring with a spoon until surfaces and crevices are covered. Line two baking sheets with parchment paper.
Spread caramel corn on baking sheets in a single layer, splitting evenly between the two trays.
Bake for 30 minutes, stirring every 10 minutes.
Remove from oven allow to cool completely, until caramel has a glossy, hardened, candy-like appearance.
Meanwhile, combine melted butter, 1 tablespoon cheese powder and Tabasco in a small bowl.
Pour mixture over second batch of popcorn. Toss to combine and season with salt, as needed.
Sprinkle with remaining cheese powder and stir thoroughly to combine.
