In a small saucepan, melt the butter and Nutella over low-medium heat, stirring constantly. Once smooth, sprinkle in the sea salt, and remove from heat.

In a large mixing bowl, gently mix the peanuts and rice cereal.

Next, pour the warm chocolate mixture over the cereal mix. Gently stir until the cereal mix is coated with the Nutella mix (some pieces will have more Nutella than others--that's okay. You just want to make sure that each piece is mostly coated).

In a large Ziplock bag, pour in the powdered sugar.

Next, pour the cereal mix into the bag. Zip the bag closed (leaving in air) and shake the bag until the cereal is coated with powdered sugar.

Once completely coated, pour into a bowl or air tight container, and enjoy!