In a large bowl, combine the flour, sugar, salt, and dry yeast.
Add the warm milk, eggs, and vanilla extract. Start mixing the dough until it begins to come together.
Melt the butter and gradually add it to the dough while continuously kneading until you get a smooth, elastic dough.
Cover the dough with a kitchen towel and let it rise in a warm place for about 1 hour, or until doubled in size.
On a lightly floured surface, roll out the dough to about 1.5-2 cm (approximately 0.6-0.8 inches) thick, for larger, airier doughnuts.
Use a large cookie cutter or glass to cut out large circles. Then, use a smaller cutter to cut out the center holes.
In a deep pot, heat the oil to 350°F (180°C). Test the oil temperature with a small piece of dough – if it immediately floats to the top and gently fries, the oil is ready.
Fry the doughnuts for 3-4 minutes on each side, until golden brown. Be careful not to overcrowd the pot, as the larger doughnuts require more space.
Remove the fried doughnuts and place them on a paper towel-lined plate to absorb excess oil, then let them cool slightly.
Generously sprinkle with powdered sugar, or dip in chocolate glaze for the perfect finish.
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