In a steamer-safe bowl, mix the glutinous rice flour, sugar, corn starch, milk, and corn oil. Make sure there are no lumps left in the mixture.
Transfer the bowl to a steamer. Before steaming, you can also cover the bowl with a plastic wrap with tiny holes to prevent moisture from dripping in the bowl.
Steam for 30 minutes and allow it to cool down for kneading. Alternatively, cook this mixture in a non-stick pan until it solidifies and becomes pliable for kneading.
Once it is cool enough to touch for kneading, knead and stretch for about 5 minutes or more for that perfect elasticity. It should stretch without breaking.
Roll the dough into a log.
Divide it into about 1-inch equal portions using a dough cutter or knife. Set aside.
For the peanut filling, combine cooked peanuts, toasted black sesame seeds, sugar, and coconut. Mix everything well in a bowl.
Take a dough portion and flatten it into a thick circular wrapper.
Place about a tablespoon of filling in the center of the wrapper.
Seal the wrapper by pinching the edges together. This should form a smooth mochi ball.
Place coconut powder or flakes in a bowl and evenly coat the entire surface of the mochi ball.
Place your mochi on your serving place and decorate it with a garnish if you prefer.