Start by peeling and cubing all 5 pounds of potatoes, then place them into a large pot of salted water and bring it to a boil. Cook the potatoes until they are fork-tender, which usually takes about 15–20 minutes.
While the potatoes cook, fry the pound of bacon until crispy. Once cooked, drain it on paper towels and chop it into pieces, then divide it in half—half for mixing into the casserole and half for topping later.
When the potatoes are tender, drain them well and return them to the hot pot to remove excess moisture. Mash the potatoes until smooth using a masher or electric mixer.
Add the milk, cream cheese, sour cream, and half stick of butter to the hot mashed potatoes and continue mixing until everything melts together and becomes creamy.
Season the potato mixture with the garlic powder, salt, and pepper, making sure to taste as you go so you get the perfect flavor balance.
Stir in half of the shredded cheddar cheese along with half of the chopped bacon so the cheesy, smoky flavor is evenly mixed throughout the casserole.
Transfer the loaded potato mixture to a greased 9×13 baking dish and spread it out evenly so it bakes uniformly.
Sprinkle the remaining cheddar cheese on top along with the rest of the crispy chopped bacon so the casserole bakes with a cheesy, golden crust.
Bake the casserole at 350°F for about 25–30 minutes or until the cheese on top is melted, bubbly, and starting to lightly brown.
Finish by garnishing the top with freshly sliced chives or green onions before serving to add color and a fresh, bright flavor.