Preheat the oven to 300ºF.
Place a large oven-safe heavy pot on the stove over medium heat and cook the bacon until crisp. Remove the bacon and place on plate lined with paper towels, about 5 minutes.
Adjust the heat to medium-high. Add the beef chunks to the pot, leaving the bacon grease, with the salt, pepper and garlic powder. Sear the beef until there’s a brown crust on all sides, about 10 minutes. Remove the beef and set aside with the bacon.
Add the butter to the pot, then the carrots and onions, sautéing for 3-5 minutes until they begin to soften. Then, add the mushrooms and sauté for 5 minutes. Stir in the tomato paste and allow it to cook for 1 minute.
Add the beef chunks and half of the bacon pieces back to the pot. Sprinkle the the flour on top and stir together until the flour absorbs the liquid. Allow it to cook for 2-3 minutes. (This is important to remove the flour taste).
Adjust the heat to high. Stir in the wine and beef stock, gently scraping the bottom and sides of the pot with a rubber spatula or wooden spoon. (These bits are flavor!) Add the fresh herbs and orange peel and bring to a simmer.
Cover and carefully transfer the pot to the oven. Bake for 2-3 hours until the meat is fall-apart tender and the sauce has reduced by about half. Remove any stems from the fresh herbs and crumble the remaining bacon on top.
Serve over mashed potatoes, homemade pasta or egg noodles. Leftovers stay fresh for up to 5 days in the refrigerator.