Sauté the bacon over medium heat for about 3 minutes, then remove and set aside.
Pat dry beef with paper towel; sear in batches in the hot oil/bacon fat until browned on all side. Once browned, remove into a bowl,
In the remaining oil/bacon fat add butter. Add mushrooms to the pot and cook for an additional 3 to 5 minutes, stirring occasionally, once browned, remove into a bowl
Add carrots and diced onions and cook until softened, (5-6 minutes).
Return the mushrooms and bacon into the pot, add 1 tablespoon of tomato paste and 6 cloves minced garlic and cook for 3 minutes.
Sprinkle with flour, toss well and cook for 3-4 minutes, then add wine 2 cups and water 3 cups.
Return beef to pan, add thyme, salt, black pepper, bay leaves. Stir well, cover the lid and simmer for 90 minutes.
Beef Bourguignon is Ready!