Whisk egg yolks, water and lemon juice in a small saucepan until blended. Cook over low heat, whisking constantly, until mixture bubbles alongside the pan. Whisk in butter until melted and sauce is thickened. Remove pan from heat immediately. Stir in salt and paprika.
4 Top each muffin half with 1 bacon slice, 1 egg and about 1 1/2 tablespoons of hollandaise sauce. Garnish with chives. Serve immediately.