Magento Encryption Key Location

You are given an encryption key after Magento is installed successfully. This key is just a text string and stored in a xml file called local.xml in your magento installation folder.

/app/etc/local.xml

<crypt>
  <key>
    <![CDATA[f463047ccd3e3bbf9bb43575ac950df2]]>
  </key>
</crypt>