Simple Password hash in PHP

<?php

function password_hash ($password) {
    return crypt($password, '$5$rounds=5000$'. md5(mcrypt_create_iv(16, MCRYPT_DEV_URANDOM)) .'$');
}

function password_verify ($password, $crypted) {
    return crypt($password, $crypted) == $crypted;
}

// create a hash
$hash = password_hash('sample password');

// verify a hash
if (password_verify('sample password', $hash)) {
    echo 'Password is valid!';
} else {
    echo 'Invalid password.';
}