diff --git a/mast/src/node.rs b/mast/src/node.rs
index a2fa481..fe29e97 100644
--- a/mast/src/node.rs
+++ b/mast/src/node.rs
@@ -6,7 +6,6 @@ use crate::{Hash, Hasher, HASH_LEN};
 
 // TODO: room for improvement (pending actual benchmarks to justify):
 //  - cache encoding
-//  - cache hashing
 
 // TODO: remove unwrap
 // TODO: KeyType and ValueType
@@ -24,6 +23,10 @@ pub struct Node {
 
     // Metadata that should not be encoded.
     ref_count: u64,
+
+    // Memoized hashes
+    /// The Hash of the node, if None then something changed, and the hash should be recomputed.
+    hash: Option<Hash>,
 }
 
 #[derive(Debug)]
@@ -47,6 +50,7 @@ impl Node {
             right: None,
 
             ref_count: 0,
+            hash: None,
         }
     }
 
@@ -95,9 +99,13 @@ impl Node {
     }
 
     /// Returns the hash of the node.
-    pub fn hash(&self) -> Hash {
-        let encoded = self.canonical_encode();
-        hash(&encoded)
+    pub fn hash(&mut self) -> Hash {
+        self.hash.unwrap_or_else(|| {
+            let encoded = self.canonical_encode();
+            let hash = hash(&encoded);
+            self.hash = Some(hash);
+            hash
+        })
     }
 
     // === Private Methods ===
@@ -105,6 +113,8 @@ impl Node {
     /// Set the value.
     pub(crate) fn set_value(&mut self, value: &[u8]) -> &mut Self {
         self.value = value.into();
+        self.hash = None;
+
         self
     }
 
@@ -124,6 +134,7 @@ impl Node {
             Branch::Left => self.left = new_child,
             Branch::Right => self.right = new_child,
         };
+        self.hash = None;
 
         self
     }
@@ -250,5 +261,6 @@ fn decode_node(data: (u64, &[u8])) -> Node {
         right,
 
         ref_count,
+        hash: None,
     }
 }
diff --git a/mast/src/operations/remove.rs b/mast/src/operations/remove.rs
index b4020a4..a2c8bf0 100644
--- a/mast/src/operations/remove.rs
+++ b/mast/src/operations/remove.rs
@@ -26,8 +26,8 @@ pub(crate) fn remove<'a>(
         node.decrement_ref_count().save(nodes_table);
 
         match branch {
-            Branch::Left => node.set_left_child(root.map(|n| n.hash())),
-            Branch::Right => node.set_right_child(root.map(|n| n.hash())),
+            Branch::Left => node.set_left_child(root.map(|mut n| n.hash())),
+            Branch::Right => node.set_right_child(root.map(|mut n| n.hash())),
         };
 
         node.increment_ref_count().save(nodes_table);
@@ -107,7 +107,7 @@ fn zip_up(
                     .decrement_ref_count()
                     .save(nodes_table)
                     // save new version
-                    .set_left_child(previous.map(|n| n.hash()))
+                    .set_left_child(previous.map(|mut n| n.hash()))
                     .increment_ref_count()
                     .save(nodes_table);
 
@@ -127,7 +127,7 @@ fn zip_up(
                     .decrement_ref_count()
                     .save(nodes_table)
                     // save new version
-                    .set_right_child(previous.map(|n| n.hash()))
+                    .set_right_child(previous.map(|mut n| n.hash()))
                     .increment_ref_count()
                     .save(nodes_table);
 
diff --git a/mast/src/test.rs b/mast/src/test.rs
index a4caee5..47af8af 100644
--- a/mast/src/test.rs
+++ b/mast/src/test.rs
@@ -150,7 +150,7 @@ fn verify_children_rank(treap: &HashTreap, node: Option<Node>) -> bool {
 fn assert_root(treap: &HashTreap, expected_root_hash: &str) {
     let root_hash = treap
         .root()
-        .map(|n| n.hash())
+        .map(|mut n| n.hash())
         .expect("Has root hash after insertion");
 
     assert_eq!(
@@ -167,8 +167,8 @@ fn into_mermaid_graph(treap: &HashTreap) -> String {
 
     graph.push_str("graph TD;\n");
 
-    if let Some(root) = treap.root() {
-        build_graph_string(&treap, &root, &mut graph);
+    if let Some(mut root) = treap.root() {
+        build_graph_string(&treap, &mut root, &mut graph);
     }
 
     graph.push_str(&format!(
@@ -178,28 +178,28 @@ fn into_mermaid_graph(treap: &HashTreap) -> String {
     graph
 }
 
-fn build_graph_string(treap: &HashTreap, node: &Node, graph: &mut String) {
+fn build_graph_string(treap: &HashTreap, node: &mut Node, graph: &mut String) {
     let key = format_key(node.key());
     let node_label = format!("{}(({}))", node.hash(), key);
 
     // graph.push_str(&format!("## START node {}\n", node_label));
-    if let Some(child) = treap.get_node(node.left()) {
+    if let Some(mut child) = treap.get_node(node.left()) {
         let key = format_key(child.key());
         let child_label = format!("{}(({}))", child.hash(), key);
 
         graph.push_str(&format!("    {} --l--> {};\n", node_label, child_label));
-        build_graph_string(&treap, &child, graph);
+        build_graph_string(&treap, &mut child, graph);
     } else {
         graph.push_str(&format!("    {} -.-> {}l((l));\n", node_label, node.hash()));
         graph.push_str(&format!("    class {}l null;\n", node.hash()));
     }
 
-    if let Some(child) = treap.get_node(node.right()) {
+    if let Some(mut child) = treap.get_node(node.right()) {
         let key = format_key(child.key());
         let child_label = format!("{}(({}))", child.hash(), key);
 
         graph.push_str(&format!("    {} --r--> {};\n", node_label, child_label));
-        build_graph_string(&treap, &child, graph);
+        build_graph_string(&treap, &mut child, graph);
     } else {
         graph.push_str(&format!("    {} -.-> {}r((r));\n", node_label, node.hash()));
         graph.push_str(&format!("    class {}r null;\n", node.hash()));
diff --git a/mast/src/treap.rs b/mast/src/treap.rs
index 3a33c88..626ba41 100644
--- a/mast/src/treap.rs
+++ b/mast/src/treap.rs
@@ -68,7 +68,7 @@ impl<'treap> HashTreap<'treap> {
                 .root_hash_inner(&roots_table)
                 .and_then(|hash| Node::open(&nodes_table, hash));
 
-            let new_root = crate::operations::insert(&mut nodes_table, old_root, key, value);
+            let mut new_root = crate::operations::insert(&mut nodes_table, old_root, key, value);
 
             roots_table
                 .insert(self.name.as_bytes(), new_root.hash().as_bytes().as_slice())
@@ -96,7 +96,7 @@ impl<'treap> HashTreap<'treap> {
 
             removed_node = old_node;
 
-            if let Some(new_root) = new_root {
+            if let Some(mut new_root) = new_root {
                 roots_table
                     .insert(self.name.as_bytes(), new_root.hash().as_bytes().as_slice())
                     .unwrap();