What makes noise pink
In pink noise the power falls by 3 dB for every doubling in frequency, a 1/f pattern. The result is equal energy in each octave, from the lowest bass octave to the highest. White noise has equal energy at every frequency instead, so most of its energy is up in the treble. Pink therefore sounds fuller in the lows and less hissy than white.
Many natural sounds sit close to a 1/f slope, including steady rain and rustling leaves, which is one reason pink often sounds more natural than white.
Many natural sounds sit close to a 1/f slope, including steady rain and rustling leaves, which is one reason pink often sounds more natural than white. Audio engineers also use it to test rooms and speakers because equal energy per octave matches how pitch is heard.
What to expect for sleep
Pink noise masks background sound in the same way white noise does. Some research tests carefully timed pink noise bursts played during deep sleep, but that is a laboratory technique and this page plays a steady sound, so do not expect the same effect. Evidence for steady noise improving sleep is limited, and masking is the benefit you can rely on.