Place potatoes in a saucepan; cover with water. Bring to a boil; reduce heat, and simmer 15 minutes or until tender. Drain and cool. Shred potatoes into a large bowl.
Cook bacon in a large nonstick skillet over medium heat until crisp. Remove bacon from pan; crumble. Add corn, onion, bell pepper, and chopped thyme to drippings in pan; cook 4 minutes or until onion is tender.
Combine potatoes, bacon, corn mixture, green onions, peanuts, salt, and egg; stir with a fork until well blended.
Coat a nonstick griddle or large nonstick skillet with cooking spray. Spoon about 1/3 cup potato mixture onto hot griddle or skillet; flatten slightly with a spatula. Cook 5 minutes on each side or until golden brown. Garnish with thyme, if desired.