Cut all of the bacon in half from end to end (long-ways), so that you have 16 pieces of thin bacon.
Line a rimmed baking sheet with foil and place the bacon evenly on it.
Bake for 5 minutes.
Remove the bacon from the baking sheet and set it on paper towels to cool slightly.
Place a wire baking rack in the center of the rimmed baking sheet you just cooked your bacon on.
When the bacon is cool enough to handle, wrap one piece around each piece of asparagus.
Place the bacon-wrapped asparagus on the wire rack set in the baking sheet.
Continue with remaining bacon and asparagus.
Bake for 15-20 minutes until the bacon is cooked through to your liking.
Remove from the pan and serve while still hot.
Notes
Precooking the bacon for 5 minutes helps to make sure the bacon gets crispy and the asparagus doesn't overcook. It's an extra step but the results are worth it.
Cooking the bacon-wrapped asparagus on top of a wire rack helps it to crisp up on all sides more quickly.
Feel free to make these into asparagus bundles by wrapping 5-6 spears in one whole piece of bacon and cooking the same amount of time. That's a fun way to get a full serving of the vegetable in one little bundle. It looks great on a plate.
You can add a little salt and pepper to taste, but I have found you don't generally need it.