It's not a pure hash; the same URL can be used many times to generate independent URLs. Using only the input of '<a href="http://google.com" rel="nofollow">http://google.com</a> generated the following URLs in a brief test:<p><pre><code> aw9RP fzUmL n4UNp V0Nre
AYp1X OFw3w oQnRL RyICJ
eMioQ sUcjC mzmKE i8NyH
42R3d 9XYcV 6KpEd TCve2
tzNUd pRMdn QbmDx WYaqH
Ju74J gqmYd kilG8 AFe1P
HiyI8 uqJal qj5mZ MzzwK
WU8tK QJlwz vEqhL 1hdpl
bBWCx CQgWq 3avus m8S7A
ufJ4v YBlWF 7T4cX 1ypMQ
8zgUA Sslwf 9HTDt 7t8ji
AqedO qyJNj 6rdR4 zRzcv
0wkJ9 Zmf4l rV5aK af7cE
ix0TO bvNbb p4cKS m3vjc
SXAnj DcLA2 JRwiP IdTQK</code></pre>
I assume they're just random numbers encoded in "base 62" or similar.<p><a href="http://birdhouse.org/blog/2010/10/24/base62-urls-django/" rel="nofollow">http://birdhouse.org/blog/2010/10/24/base62-urls-django/</a>