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From the project summary:

“You can use this hash to link requests from the same source, without identifying your users by IP address”

So perhaps it is/will be possible to take actions against bad IPs.

With more difficulty. I can hardly use hashes to blacklist IP ranges in my firewall, even if it could, the performance would suck due to the necessary hashing.

No. Not using this module. The hashes are based on an ephemeral salt so there is no way to reconstruct the hash using only the IP address.

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