In a large skillet, on medium-low heat, cook your bacon until crisp (this can take anywhere between 10 to 15 minutes). Once cooked, drain your bacon on a paper towel lined plate. Once cooled, chop your bacon then set aside.
In a large bowl, with a rubber spatula, combine the cream cheese, ranch dressing, garlic powder, kosher salt, black pepper and 2 tablespoons chopped chives. Cream together until smooth and all the ingredients are evenly incorporated.
Add the finely shredded cheddar cheese and ½ cup of the bacon crumbles. Gently fold them into the cream cheese mixture until all the ingredients are completely combined.
On a large plate add the remaining ¼ cup bacon crumbles, 1 tablespoon chopped chives and the finely chopped walnuts. Gently mix them all together then spread them out in an even layer on your plate. This will make it easier to roll and coat your cheese ball.
While your cream cheese mixture is still in the bowl, take your rubber spatula and gently form it into a large ball.
Very carefully place your cheese ball onto your plate with your walnut mixture. Using your hands gently press the walnut coating all over the outside of your cheese ball. You can roll your cheese ball around on your plate to make sure that all sides are evenly coated.
Wrap your cheese ball in plastic wrap and place on a plate, in the refrigerator, to chill for 4 hours prior to serving.