It is one of the conventional digits, 0 to 9, supplemented by A (= 10), B (= 11), C (= 12), D (= 13), E (= 14) and F (= 15).
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Because the value of each digit is 16 times the value of a unit in the digit to its right.
It is called Hexadecimal
A hexadecimal colour code is a six-digit code where the code for any particular colour the RGB values, each represented by a 2-digit code as follows:the first two digits represent the hexadecimal code for the red colour type,the second two digits represent the hexadecimal code for the green colour type, andthe third two digits represent the hexadecimal code for the blue colour type.In each case, these codes include leading zeros, so that they are two digit codes in the range [00, FF]. This allows 256 different values for each colour type making 16,777,216 colours in all.
You multiply the first digit from the right by 1, the second digit from the right by 16, the third digit from the right by 16 squared, the fourth digit from the right by 16 cubed, etc., then add everything together.
Computers do much of their processing in binary. Hexadecimal is used as a kind of shortcut (easier to read for humans): each hexadecimal digit represents four binary digits.