@mkeintz
I believe the hashexp doesn't significantly impact on memory size but rather on how efficiently the key lookup performs.
I'm not aware of any "hard" algorithm to determine the optimal hashexp but based on what I've read in the docu a value of 9 or 10 appeared appropriate to me for 8M rows with a single key.
I guess the most important thing is for the OP to check that the variables for the hash are reasonably defined and don't have some default length of 200 chars or so as in memory these chars get fully expanded even if the compression option is turned on.