This Python code is an implementation of the Monte Carlo method for approximating the value of pi.

The import random statement at the beginning of the code imports the Python random module, which provides functions for generating random numbers.

The montecarloPi function takes an argument calcs, which represents the number of calculations to perform. The function then performs a loop calcs times, in which it generates two random numbers x and y between 0 and 1 using the random.random() function. It then checks if the point (x, y) is inside the unit circle by checking if the distance from the origin (x**2 + y**2) is less than 1. If the point is inside the unit circle, the hits variable is incremented by 1.

After the loop has finished, the function returns an approximation of pi using the formula (4.0 * hits / calcs). This formula calculates the ratio of the number of hits inside the unit circle to the total number of points generated and multiplies it by 4, which is an approximation of pi based on the area of the unit circle.

Finally, the code calls the montecarloPi function with an argument of 10000, which means it will generate 10000 random points and use them to approximate the value of pi. The result is then printed to the console using the print function.
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