In a large mixing bowl, beat the butter, granulated sugar, and brown sugar together using a stand mixer until light and fluffy. Incorporate the eggs and vanilla, blending thoroughly.
In a separate bowl, combine the flour, hot cocoa mix, salt, baking soda, and baking powder. Gradually incorporate this dry mixture into the butter mixture, blending until evenly combined. Stir in the chocolate chips and Mallow Bits. Cover the dough and chill for at least 30 minutes, or up to 24 hours.
When ready to bake, preheat the oven to 350°F (175°C). Line baking sheets with parchment paper or silicone baking mats. Drop 2-tablespoon portions of dough onto the sheets, spacing them 2 inches apart.
Bake for 9 to 11 minutes, or until the edges are lightly browned. Let cookies cool on the baking sheets for 5 minutes before transferring to wire racks to finish cooling.