In a large pot, cook the bacon over medium heat until crispy. Once done, remove the bacon and crumble it. Set aside.
In the same pot, add the diced onion and cook for about 3–4 minutes, until softened. Add the minced garlic and cook for another 1 minute.
Add the diced potatoes to the pot and pour in the chicken broth. Stir to combine, and bring to a boil. Once it’s boiling, reduce the heat and let it simmer for 15–20 minutes, or until the potatoes are tender.
Once the potatoes are cooked, use a potato masher or immersion blender to mash the potatoes to your desired consistency. Some people prefer leaving chunks, while others like a smoother texture.
Stir in the heavy cream, shredded cheddar cheese, and sour cream. Cook for another 5 minutes, stirring occasionally, until the cheese is melted and the soup is creamy.
Add the crumbled bacon, salt, pepper, and thyme. Stir everything together.
Serve the soup hot, garnished with chopped green onions and extra cheese if desired.