Add the bacon to a skillet over medium heat. Cook the bacon until it's just starting to brown slightly and render its fat, 3 to 4 minutes. Add in the chopped onions and stir to combine. Cook, stirring occasionally, until the onions are soft and almost melting into the bacon fat, 30 to 40 minutes. If the pan starts to look dry or is browning too much, add a splash of water to deglaze.
Stir in the brown sugar, cayenne pepper and grated garlic, then add the balsamic vinegar. Cook until the sugar dissolves and the mixture is thick, about 5 minutes. Turn off the heat.
Transfer the mixture to a food processor. Pulse until the bacon is chopped slightly finer, 5 to 6 pulses.
To serve, top the toast with the bacon jam and garnish with chopped chives.
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