Add peanuts to a blender or bowl and blend for about 30 seconds.
Add coconut oil, honey, and a pinch of salt. Skip the salt if you're using salted peanuts.
Blend in short intervals, pausing to scrape down the sides as necessary, until the mixture reaches a smooth consistency.
Notes
Add a bit more coconut oil if the consistency is too thick.I prefer crunchy peanut butter, so I don't blend the peanuts for too long. Keep checking until it reaches the desired texture.