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Pre-heat oven to 425 degrees F (if baking immediately.)
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Peel the potatoes and cut them in quarters. Place the chunks in a large pot with cold water, bring the water to a boil, and cook the potatoes just until you can pierce a chunk with a fork. Generally it takes only a few minutes after the water comes to a full boil. Do not let the potatoes get soft. Drain the chunks under cold water until you can handle them.
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Grate the potato chunks, using a medium-size grater attachment on a food processor or a box grater and set them aside.
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While the potatoes are cooking, make the batter and the coating.
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For the batter, whisk together the flour, cornstarch and Old Bay in a small-medium bowl. Add the milk and beer, whisking until the batter is well combined. Leave it rest for a few minutes; the batter will thicken slightly during that time.
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For the coating, combine the panko, salt, pepper, garlic and paprika in a medium size bowl. Drizzle the olive oil over it and mix it throughout with a fork until the coating is moist.
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Set aside the extra beer in a small bowl. Wet your fingers and palm with the beer (to prevent the very starchy grated potato from sticking to your hands), pick up a small handful of grated potatoes (about 2-3 tablespoons), and form the potato shreds into a tater tot, and press it slightly together.
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Gently place the tater tot in the batter and roll it around or spoon batter over it. Drain off excess batter and move it to the coating bowl.
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Move the tater tot around in the coating until it is completely covered.
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Place it on a parchment or silpat-lined baking sheet. Repeat with the rest of the grated potato. Keep the tater tots from touching each other on the baking sheet(s), leaving at least 1-inch between them.
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Bake the tater tots for 20 minutes if cooked immediately after making, turning them over once at the half-way point. If you prepare the tater tots and refrigerate them (for no more than 1-2 days), bake for slightly longer than 20 minutes. Frozen tater tots can be baked without defrosting; they take about 24 minutes.