Hashtbl.create n creates a new, empty hash table, with initial size n. For best results, n should be on the order of the expected number of elements that will be in the table. The table grows as needed, so n is just an initial guess.
The optional ~random parameter (a boolean) controls whether the internal organization of the hash table is randomized at each execution of Hashtbl.create or deterministic over all executions.
A hash table that is created with ~random set to false uses a fixed hash function (hash) to distribute keys among buckets. As a consequence, collisions between keys happen deterministically. In Web-facing applications or other security-sensitive applications, the deterministic collision patterns can be exploited by a malicious user to create a denial-of-service attack: the attacker sends input crafted to create many collisions in the table, slowing the application down.
A hash table that is created with ~random set to true uses the seeded hash function seeded_hash with a seed that is randomly chosen at hash table creation time. In effect, the hash function used is randomly selected among 2^{30} different hash functions. All these hash functions have different collision patterns, rendering ineffective the denial-of-service attack described above. However, because of randomization, enumerating all elements of the hash table using fold or iter is no longer deterministic: elements are enumerated in different orders at different runs of the program.
If no ~random parameter is given, hash tables are created in non-random mode by default. This default can be changed either programmatically by calling randomize or by setting the R flag in the OCAMLRUNPARAM environment variable.