Preheat your oven to 350°F (175°C) and grease two 9-inch round cake pans, lining the bottoms with parchment paper.

In a large mixing bowl, sift together the all-purpose flour, cocoa powder, baking powder, baking soda, and salt.

In a separate bowl, combine the warm water, buttermilk, oil, eggs, and vanilla extract.

Mix the wet ingredients into the dry until just combined for a smooth batter, then divide it evenly between the prepared pans.

Bake for 22-25 minutes, or until a toothpick inserted comes out clean.

Once the cake layers have baked, remove them from the oven and let them cool in the pans for about 10 minutes.

Carefully invert the pans onto a wire rack to release the cakes.

To lock in moisture, place the cakes in the freezer for 30 minutes.

In a medium-sized saucepan, over medium heat, add granulated sugar and cook until it melts into a golden amber liquid, about 8-10 minutes.

Once melted, carefully whisk in unsalted butter and heavy whipping cream until smooth and combined.

Continue to cook for an additional 2-3 minutes until it thickens slightly, then remove from heat and fold in the chopped salted peanuts.

Allow the caramel to cool to room temperature.

In a mixing bowl, beat together unsalted butter and peanut butter on medium speed until light and fluffy, about 3 minutes.

Gradually add the powdered sugar and a splash of heavy cream, continuing to mix until you achieve a smooth and spreadable consistency.

Place one cake layer on a serving platter and spread a generous layer of peanut butter buttercream over the top.

Drizzle some of the cooled peanut caramel over the buttercream before adding the second cake layer on top.

Repeat the process, spreading buttercream and caramel between each layer while stacking.

Chill the assembled cake for about 30 minutes to firm up.

In a small saucepan, heat heavy whipping cream over medium heat until it begins to simmer.

Remove from heat and pour it over the milk chocolate chips in a bowl, letting it sit for 5 minutes.

Stir until the mixture is smooth and glossy.

Carefully pour the ganache over the chilled cake, allowing it to drip down the sides.

Once the ganache sets slightly, drizzle any remaining peanut caramel over the top.

Garnish with chopped salted peanuts and mini Snickers bars around the edges.