Lightly grease an 8×8-inch (20×20 cm) baking pan with butter or oil. Line it with parchment paper, leaving an overhang on two sides to create handles, then lightly grease the parchment if needed.
1 tablespoon butter or neutral oil, parchment paper
Measure out the chocolate chips, sweetened condensed milk, butter, hot cocoa mix, cocoa powder, salt, and vanilla so they are ready to add as you work.
3 cups semisweet chocolate chips, 14 oz sweetened condensed milk, 4 tablespoons unsalted butter, 1/4 cup hot cocoa mix, 2 tablespoons unsweetened cocoa powder, 1 teaspoon pure vanilla extract, 1/4 teaspoon fine sea salt
In a medium heavy-bottomed saucepan, combine the chocolate chips, sweetened condensed milk, and butter. Set over low to medium-low heat and stir gently but constantly until the mixture is mostly melted and glossy.
3 cups semisweet chocolate chips, 14 oz sweetened condensed milk, 4 tablespoons unsalted butter
When the mixture is about 75% melted, sprinkle in the hot cocoa mix, cocoa powder, and salt. Continue stirring over low heat until everything is fully melted, smooth, and thick like a shiny chocolate frosting.
1/4 cup hot cocoa mix, 2 tablespoons unsweetened cocoa powder, 1/4 teaspoon fine sea salt
Remove the pan from the heat and stir in the vanilla extract, scraping the sides and bottom of the pan to make sure everything is evenly combined.
1 teaspoon pure vanilla extract
Immediately pour the hot fudge mixture into the prepared pan. Use a spatula to spread it into an even layer, pushing it gently into the corners. Work fairly quickly as the fudge thickens as it cools.
While the fudge is still warm and soft, scatter the mini marshmallows evenly over the top and press them down very gently so they adhere. If using, sprinkle crushed candy canes and mini chocolate chips or shavings over the marshmallows.
1 1/2 cups mini marshmallows, 2-3 tablespoons crushed candy canes or peppermint candies, 1-2 tablespoons mini chocolate chips or chocolate shavings
Let the fudge cool at room temperature for 20–30 minutes, then transfer the pan to the refrigerator. Chill for at least 2 hours, or 3–4 hours (or overnight) for the cleanest slices.
Use the parchment overhang to lift the fudge from the pan onto a cutting board. With a long, sharp knife, cut into 25 small squares (5×5) or 16 larger squares (4×4), wiping the knife with a warm, damp cloth between cuts for neat edges.
Arrange the hot cocoa fudge on a plate or platter and serve slightly chilled or at cool room temperature. Store any leftovers in an airtight container.
Alternatively, melt the chocolate chips, butter, and sweetened condensed milk together in a large microwave-safe bowl in 20–30 second bursts, stirring well after each, until smooth. Stir in the hot cocoa mix, cocoa powder, salt, and vanilla, then continue with pouring into the pan, topping, chilling, and slicing as directed.
3 cups semisweet chocolate chips, 14 oz sweetened condensed milk, 4 tablespoons unsalted butter, 1/4 cup hot cocoa mix, 2 tablespoons unsweetened cocoa powder, 1 teaspoon pure vanilla extract, 1/4 teaspoon fine sea salt