Are there any known pitfalls or vulnerabilities associated with using nested password hashing methods in PHP?

One potential pitfall of using nested password hashing methods in PHP is the risk of decreased performance due to the increased computational overhead. To mitigate this, it's important to strike a balance between security and performance by carefully selecting the number of iterations or rounds for each hashing algorithm.

$password = "password123";

// Hash the password using bcrypt with 12 rounds
$hashedPassword = password_hash($password, PASSWORD_BCRYPT, ['cost' => 12]);

// Verify the password
if (password_verify($password, $hashedPassword)) {
    echo "Password is valid";
} else {
    echo "Invalid password";
}