In a 6-qt. electric pressure cooker use the sauté setting to cook bacon over medium heat for 7 to 8 minutes or until crisp. For a stove-top cooker, cook directly in the pot. Transfer bacon to paper towels to drain; cover and refrigerate until needed. Drain all but 1 Tbsp. drippings from pot.

Add mushrooms and onion to pot. Cook 5 to 7 minutes or until onion is tender and liquid has almost evaporated. Add potatoes, sweet pepper, salt, thyme, and crushed red pepper. Lock lid in place. Set an electric cooker on high pressure to cook 5 minutes. For a stove-top cooker, bring up pressure over medium-high heat; reduce heat enough to maintain steady (but not excessive) pressure. Cook 5 minutes. Remove from heat.

For both models, let stand 15 minutes to release pressure naturally. Release any remaining pressure. Open lid carefully. Drain and discard liquid. Return potato mixture to pot.

In a medium bowl whisk together eggs and milk; pour over potato mixture. For an electric cooker, cook on saute setting 3 to 5 minutes or until eggs are nearly set, stirring once or twice. For a stove-top cooker, cook directly in pot over medium heat. Remove from heat. Top with cheese. Cover; let stand 5 minutes. Sprinkle with bacon and chives.