I'm still using md5 hashing for my site and I need to upgrade, yet I don't know how... Here is the code that I'm using now
$salt1 = "mysite";
$salt1 = md5($salt1);
$salt2 = "passed";
$salt2 = md5($salt2);
$salt3 = "php";
$salt3 = md5($salt3);
$password1 = $salt1.$password1.$salt3;