1. Coat steak with crushed peppercorns, and season with salt. Let stand at room temperature for 30 minutes.

2. Cook bacon in a medium skillet over medium heat, stirring occasionally, until crisp, 8 to 10 minutes. Using a slotted spoon, transfer bacon to a bowl. Add onion to drippings in pan, and cook until softened, about 4 minutes. Add to bowl with bacon.

3. Grate potatoes on the largest holes of a box grater. Rinse under cold water for 2 minutes, then drain. Place potatoes in cheesecloth, and squeeze out excess liquid. Add to onion mixture, season with salt and pepper, and mix until well combined.

4. Preheat oven to 375 degrees. Heat 2 tablespoons oil in a medium cast-iron skillet over high heat. Spread potato mixture in skillet, pressing down with a spatula. Reduce heat to medium-low, and cook until golden brown on bottom, about 15 minutes. Flip, and cook until golden brown, about 10 minutes more. Transfer skillet to oven, and bake until potatoes are cooked through, about 20 minutes.

5. Meanwhile, heat remaining 3 tablespoons oil in a medium skillet over medium heat. Cook steak on each side until golden brown, about 3 minutes per side. Transfer skillet to oven, and roast until steak registers 125 degrees on an instant-read thermometer, about 10 minutes for medium-rare. Transfer steak to a cutting board, and let stand for 10 minutes. Slice, and serve immediately with hash browns.