We discuss theoretical and algorithmic questions related to the p-curvature of differential operators in characteristic p. Given such an operator L, and denoting by Ξ(L) the characteristic polynomial of its p-curvature, we first prove a new, alternative, description of Ξ(L). This description turns out to be particularly well suited to the fast computation of Ξ(L) when p is large: based on it, we design a new algorithm for computing Ξ(L), whose cost with respect to p is O˜(p 0.5 ) operations in the ground field. This is remarkable since, prior to this work, the fastest algorithms for this task, and even for the subtask of deciding nilpotency of the p-curvature, had merely slightly subquadratic complexity O˜(p 1.79 ).