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In a medium skillet over medium heat, cook the bacon until crispy, about 10 minutes, turning occasionally. Drain the bacon on paper towels, reserving the fat in the skillet. Cook the onion in the fat over medium heat until tender, about y minutes, stirring occasionally. Add the garlic and thyme. Continue to cook until the garlic has softened, about 5 minutes, stirring occasionally. Transfer the onion mixture to a small bowl and let cool. Finely chop the bacon.