Currently, eating peanuts seems to have no observable effect. However, it seems that the item had an important hidden effect previously, if not more hidden effects to this day.
Participants can "use" peanuts by clicking on them, and presumably consuming them, with dialogue text such as "CRACK IT OPEN NOW." The peanut icon will fly out and crack across the participants' Blaseball monitor.
It is unclear what the effect of consuming a peanut is, since there is no immediately observable effect. However, prior to the Blasphemy event, the Blaseball ticker did display a seemingly accurate count, with a message such as:
This indicates that all peanut consumption is probably recorded and is probably significant. Currently the peanut count is listed as "We have eaten -Infinity collective peanuts."
Starting at Day 1 of Season 3, participants were able to purchase a Squirrel of Devouring at the Shop for 200 coins. The item description states: "Recruit a Peanut-hungry squirrel to your side, to help you eat Peanuts faster." Each squirrel purchased increases peanut consumption by one per click, allowing 2 or more peanuts to be consumed per click.
Blaseball peanuts, when falling from the sky as weather, provide ample opportunity for our non-human players to take a mini-break and consume a delightfully nutty snack. Fans in the stands are more likely to be pummeled by these infinity-shaped nuggets; perhaps peanut butter will form and we'll all have a gooey pick-me-up.
Early in Season 3, Blaseball officials announced that "THERE ARE PEANUT CHEATERS AMONG US," and "THE SITE WILL NOT RETURN UNTIL THE PEANUT CHEATERS HAVE REPENTED." This began a brief yet unexpected period in which participants were unable to watch or bet on Blaseball games. Officials further demanded that the "CHEATERS [MUST] CONFESS" or else the "SITE WILL NOT RETURN."
Though the alleged cheaters did not come forward, the Blaseball games returned regardless, with officials citing that "BLASEBALL IS INEVITABLE."
23 minutes later, the officials announced: "MORE PEANUT CHEATERS. GOODBYE" and once again removed access to Blaseball games, instead replacing it with Blasphemy.
After the Blasphemy incident, peanuts were no longer available to purchase in the small, varying amounts observed earlier. Instead, the listing in the shop stated: "Purchase a bucket of 1000000 peanuts," with a price of 1000000 Coins, making them by far the most expensive item to date, and virtually unattainable. There has been no known records of any participant to successfully and legitimately purchase the bucket of peanuts.
Additionally, the Blaseball ticker that displayed a running count of collective peanut consumption now displayed the following taunt:
Many fans lamented this as pulling all Blaseball players and participants further away from "atonement."
Upon enactment of the decree at the end of Season 2, all players named Dan or Daniel had the "Dan" in their names replaced with "Peanut." There were no other apparent changes to these players, star rating or otherwise. The players affected were:
Fans have debated if these alterations to Blaseball players truly counts as "punishment," although it is reasonable to assume that the former-Dans do consider it to be some form of punishment.
e. If at any time, ████████████ atone ████████████ one million Peanuts.
In Season β4, that fan theory was confirmed. The full text of article 5.e. was revealed, yet crossed out. It currently reads:
e. STRIKE TWO
It's unclear if eating one million peanuts would still produce any effect.