Start by grating the aged cheddar cheese into large shreds using the larger hole on a box grater.
In a large bowl, bring in the shredded cheddar cheese, then add the two teaspoons of hot sauce and cornstarch, then toss them to combine thoroughly.
Transfer the mix into a medium-sized saucepan, then add 1 cup of the evaporated milk to the mix.
Cook the mixture over low heat and continue stirring it occasionally until the cheese completely melts.
The mixture will start bubbling and will reduce to thicken. At first, it’ll look a bit grainy. But once the emulsifiers in the evaporated milk kick in, the sauce will start coming together.
Continue whisking and stirring the mix until it thickens to the desired consistency.
Taste and adjust the level of creaminess by adding more evaporated milk and thinning.
Take off the heat and let the cheese cool down for a few minutes, then serve immediately with your favorite snack!