In a large bowl, using a hand mixer, beat peanut butter and butter until combined. Add powdered sugar, graham cracker crumbs, salt, and hot water. Beat on low until just combined. Use a rubber spatula to scrape the sides and bottom of the bowl.
Scoop one-tablespoon portions (a cookie scoop works great for this) and roll into a tight balls. Place the balls on a plate or small baking sheet and place in the refrigerator for one hour.
After an hour has passed, melt the chocolate candy coating. Use a fork to gently dip each peanut butter ball in melted chocolate. Tap off the excess chocolate and place on a parchment-lined baking sheet. Top with sprinkles or peanuts before the chocolate sets. After all the balls have been dipped, transfer to the refrigerator to firm up, about one hour.
Notes
Peanut butter
It is very important that you use an emulsified (not natural) peanut butter, such as Jif or Skippy. Natural peanut butter will have oil separation which can impact the texture of the candy.
Candy melts
Rather than tempering chocolate which can be finicky, I opt for chocolate candy melts/candy coating. They melt perfectly and stay the ideal consistency throughout the assembly process. Ghirardelli chocolate melting wafers are my favorite; you can use dark or milk chocolate.
Storage
Store in the refrigerator for up to 5 days or freeze for up to 3 months. Serve chilled or room temp.