How can I convert the hashed result, which is a byte array, to a string?
byte[] bytePassword = Encoding.UTF8.GetBytes(password);
using (MD5 md5 = MD5.Create())
I always found this to be the most convenient:
string hashPassword = BitConverter.ToString(byteHashedPassword).Replace("-","");
For some odd reason BitConverter likes to put dashes between bytes, so the replace just removes them.
Update: If you prefer "lowercase" hex, just do a .ToLower() and boom.
Do note that if you are doing this as a tight loop and many ops this could be expensive since there are at least two implicit string casts and resizes going on.