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I thought I remember a post a while back but:

What is the cost (time) of using bcrypt instead of the default?

Pretty much anything you want it to be. The higher the work factor (BCRYPT_ROUNDS in this app), the more time it takes. That's the beauty of bcrypt.

That said, you might want to scale it back a little. 2^12 rounds takes 1-2 CPU seconds (on a different implementation, but still.)