Optional: Soak beans in cold water overnight and drain before cooking. If soaking overnight, skip step 2 and 3.

In a large pot or Dutch oven, cover dried beans with water by 1 inch. Bring to a boil, then remove from heat. Cover and let sit for 1 hour.

Drain and rinse beans with cold water. Set aside.

In the same pot, cook chopped bacon over medium-high heat until crisp. Do not drain the rendered fat.

Add diced onion, shredded carrots, minced garlic, thyme, garlic powder, and onion powder. Season with salt and pepper. Sauté for about 5 minutes until vegetables are soft.

Return beans to the pot. Add bay leaves, butter, and chicken broth. Add additional water as needed so that beans are fully submerged.

Reduce heat to a gentle simmer. Cover partially and cook 60 to 90 minutes, stirring occasionally, until beans are soft and the liquid has thickened.

Check liquid level during cooking and add more water or broth if needed. Remove bay leaves. Adjust seasoning with salt and pepper before serving.