PLACE chocolate candy coating into large microwave-safe bowl.
MICROWAVE for 1 minute on 50% power.
ADD milk chocolate chips.
MICROWAVE an additional minute at 50% power.
STIR with large spoon until all chocolate is melted and smooth.
STIR in peanuts until well coated.
SPOON onto wax paper and let harden.

TIP: small scoop works great for dipping peanuts onto wax paper.