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Cook the bacon. Cook the bacon in a large Dutch oven or soup pot over medium heat until crisp. Transfer to a paper towel-lined plate, let cool slightly, then chop or crumble. Set aside.
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Sauté the vegetables. Leave about 1 tablespoon of the bacon drippings in the pot, or discard the drippings and add 1 tablespoon olive oil or ghee. Add the diced onion, carrot, and celery and cook for 5–6 minutes, stirring occasionally, until they begin to soften.
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Add the garlic and seasonings. Stir in the minced garlic, thyme, onion powder, and smoked paprika. Cook for about 30 seconds, just until fragrant.
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Cook the potatoes. Add the chopped potatoes and chicken broth. Stir everything together and bring to a boil. Reduce the heat to a gentle simmer, cover, and cook for 15–20 minutes, or until the potatoes are fork-tender.
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Make it creamy. Scoop about 2–3 cups of the soup into a blender and carefully blend until smooth. Pour it back into the pot and stir to combine. Alternatively, use an immersion blender to briefly blend a portion of the soup directly in the pot, leaving plenty of potato chunks intact.
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Finish the soup. Stir in the full-fat coconut milk, nutritional yeast, and about half of the cooked bacon. In a small bowl, whisk the arrowroot starch with 1–2 tablespoons of cold water until smooth, then stir it into the soup.
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Thicken. Simmer uncovered over low heat for another 3–5 minutes, stirring occasionally, until the soup is thick and creamy. Avoid bringing it to a hard boil after adding the arrowroot.
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Season and serve. Taste and add salt and freshly cracked black pepper as needed. Ladle into bowls and top with the remaining crispy bacon, chopped green onions, and any other toppings you love!
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Store leftovers in an airtight container in the refrigerator for up to 4 days. Reheat gently on the stovetop or in the microwave, adding a splash of broth if needed to loosen the soup.