Combine the ¼ cup unsweetened cocoa powder, ½ cup granulated sugar, ⅓ cup hot water, and ⅛ teaspoon salt in a medium saucepan.

Heat the mixture over medium heat, stirring constantly, until it reaches a boil.

Cook, continuing to stir constantly, for 1 minute.

Stir in the 4 cups of milk (dairy or non-dairy) and heat gently until warm, being careful not to bring it to a boil.

Remove the saucepan from the heat.

Add 1 teaspoon vanilla extract and ½ teaspoon peppermint extract, then stir well to combine.

Serve immediately, optionally topping with whipped cream, crushed peppermints, or marshmallows.