In a large pot, heat the olive oil over medium heat.

Add the chopped bacon and cook until crispy, about 5-7 minutes. Remove the bacon with a slotted spoon and set aside, leaving the drippings in the pot.

Add the diced onion to the pot and sauté for 3-4 minutes until translucent. Add the minced garlic and cook for an additional minute until fragrant.

Add the diced potatoes and chicken broth to the pot. Bring to a boil, then reduce the heat and let it simmer for about 15 minutes or until the potatoes are tender.

Use a potato masher or an immersion blender to mash the potatoes slightly for a creamy texture, leaving some chunks for added consistency.

Stir in the heavy cream and shredded cheddar cheese, and mix until the cheese is melted and the soup is creamy.

Season with salt, pepper, and dried thyme (if using). Stir in the reserved bacon before serving.

Serve hot, garnished with fresh chives if desired.

For a spicier kick, consider adding a pinch of cayenne pepper.

You can substitute the heavy cream with milk for a lighter version, but the soup may be less creamy.

This soup can be stored in an airtight container in the refrigerator for up to 3 days. Reheat gently on the stove.