You can further add bucketing, and eventually move closer to FLoC.
But this is aside the point, as the spirit of the law only allows "processing for legitimate interests". The use of technology, cookies or on the server is irrelevant. If thread OP has evaluated their collection[0] as legitimate, they can use whatever technology within guidelines. Otherwise, even a cookie less data collection would require consent.
I apologize for the double negative. What I meant is that hashing doesn't improve privacy because if you know the hash and the hashing function it's easy to build a hashmap of all the possible IPv4s (around 3.5B). Unless the hash uses some sort of expensive key derivation function, but that doesn't scale.
The hashing doesn’t matter when IPv4 has such a limited dataset. IPv4 has a little under 4.3B addresses, and a cheaper GPU such as the 1080TI has a hash rate of around 4300MH/s, so it crushes that in a few seconds at most.
From there, you have a direct correlation between the IP and its resulting hash. Meaning you can easily see what the original input was.
You don’t need to break a hash to know what the original input was.
ipv4 space is very limited and you can easily compute all the hashes. There is salting and combined with rotating salts it could work but no one guarantees that you’re not storing them