Cracking an 8-char on an ordinary desktop or laptop PC can still take quite a while depending on the details. Unfortunately, the existence of specialized crypto-coin-mining rigs designed to spit out hashes at high speed, plus the ability to farm things out into the cloud, means that the threat we’re facing is no longer the lone hacker cracking things on his own PC.
Unfortunately, it’s rare that we can control what hashing algorithm is being used to secure the passwords we enter. I merely pray that any account that also holds my credit card data or other important information isn’t using MD5. Some companies still don’t take cybersecurity seriously.