What is the cheapest hash algorithm?

The cryptographic hashing function known as Keccak256, which has been adopted as a new alias for SHA3, stands out as the most cost-effective option. This efficiency is particularly noteworthy in the context of blockchain transactions, where minimizing the gas cost is crucial.

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According to Appendix G, the gas cost associated with performing a SHA3 Keccak-256 operation is structured in a way that promotes cost-effectiveness. Specifically, the base cost is set at 30 gas, with an additional 6 gas charged for each word of input data, rounded up.

This pricing structure incentivizes users to optimize their input data, as reducing the number of words can significantly lower the overall gas cost. In turn, this promotes more efficient and cost-conscious use of blockchain resources.