In a large stock pot over medium heat cook your bacon until the fat has rendered and the bacon is crispy. Remove bacon from the pot. Remove all but 2 tbsp of bacon fat from the pot.
Add the cubed beef to the pot and sear all sides. You may need to do this in multiple batches. Remove seared meat from the pot.
Add in onion, garlic, carrots, salt and pepper. Saute until onions are translucent. Then add seared meat, rendered bacon, beef broth, tomato paste, fresh thyme and wine. Cover and simmer over medium low heat for 2-3 hours.