Line a baking sheet with parchment paper. Add the peanuts into a large mixing bowl. Set aside.
In a small saucepan using a high heat spatula, add the cane sugar and cook until it begins to melt.
The sugar will begin to melt and clump, continue to stir to ensure there are no chunks of sugar.
Allow the sugar to melt completely before adding in the butter.
Add the butter, and stir to combine completely. Careful as steam will rise up.
Slowly add in the heavy whipping cream and stir to combine completely. Remove from the heat.
Pour the caramel into the bowl with the peanuts.
Stir to combine completely. Work quickly, as the caramel is beginning to cool.
Using a double boiler, add 80% of the milk chocolate, and melt until it reaches 110°F on a chocolate thermometer. Remove from heat, and add in the remaining 20% of chocolate and stir to combine completely. Allow the chocolate to come back down to 91°F. You can skip this step if you do not want to temper the chocolate and melt it all completely in the double boiler. Or, you can melt all the chocolate in the microwave doing 30 second intervals. I will always temper if I am gifting chocolate as a gift, but if it's just for me then I skip it!
Drop each cluster into the chocolate. Using a fork like a spoon (to lift out the candy so excess chocolate drips back into the bowl). Place the candies back on the baking sheet.
Place the baking sheet in the fridge (or freezer for speed) to set the chocolate. Enjoy candies at room temperature.
Store in a cool, dry place, or in the fridge.