Why is an MD5 hash created by Python different from one created using echo and md5sum in the shell?

echo appends a \n since you usually do not want lines not ending with a linebreak in your shell (it looks really ugly if the prompt does not start at the very left).
Use the -n argument to omit the trailing linebreak and it will print the same checksum as your python script:

> echo -n mystringforhash | md5sum
86b6423cb6d211734fc7d81bbc5e11d3  -

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