For some , just the idea of tracking steps and calories is enough to make them exercise - but many of us need much more of an incentive . So designers in Austin have created a concept app that rewards you for working out by turning your heart rate data into virtual currency . The FitCoin technology syncs with fitness trackers to monitor how much energy is being used and this energy is converted into Bitcoins . Scroll down for video . The FitCoin technology syncs with fitness trackers to monitor how much energy is being used and this energy is converted into Bitcoins ( pictured ) . It was created by Chaotic Moon Studios , a technology studio in Austin , Texas and the designers recently demonstrated the app at this year 's SXSW festival . It was created by Chaotic Moon Studios , a technology studio in Austin , Texas and the designers recently demonstrated the app at this year 's SXSW festival . 'This concept combines two of our specialties : looking good and making money , ' said Chaotic Moon boss , Ben Lamm . 'We 're always trying to turn existing habits into new opportunities to make money - this one was an obvious fit . ' A Bitcoin is a piece of data locked in an internet-based network by a complex equation computers can break . Each Bitcoin is a piece of code that has been generated through computer processing , known as 'mining ' . Once released it can be traded and used online and can be bought with cash . Bitcoin operates as a two-way currency which can be exchanged for dollars , and vice versa . The finite nature of Bitcoins means it performs more like a commodity , such as gold . Bitcoin first emerged in 2008 and launched as a network in 2009 . It was created by a hacker whose identity is a mystery , but is known as Satoshi Nakamoto . This is thought to be a pseudonym for the person or group who created it . Users choose a virtual wallet which enables them to receive , give and trade coins from other users . The app only works with fitness trackers that monitor heart rate and have open source software , which includes the Jawbone UP3 and Mio . As the wearer exercises , the fitness tracker sends the heart rate data and length of activity to the app which then determines how much energy is being used . An algorithm then converts this energy into 'computer processing time on a Bitcoin mining rig ' - or how much computer power would be needed to mine the virtual coins . A Bitcoin is a piece of data locked in an internet-based network by a complex equation computers can break . Once released it can be traded and used online and can be bought with cash . In particular , each Bitcoin is a piece of computer code that has been generated through computer processing , also known as 'mining ' . During the demonstration , designer Grant Nicol wore a Mio band and ran on a treadmill for three minutes and 40 seconds . His heart rate raised to 115 beats per minute and this mined around five cents . Although this is a low amount , the technology is a concept so needs some refinement . Plus the more energy a user expends , the more money they make . As the wearer exercises , the tracker sends heart rate data and length of activity to the app which then determines how much energy is being used . An algorithm converts this energy into 'computer processing time on a Bitcoin mining rig ' - or how much computer power would be needed to mine the virtual coins . A Bitcoin ( illustrated ) is a piece of data locked in an internet-based network by a complex equation . In particular , each Bitcoin is a piece of code that has been generated through computer processing , known as 'mining ' . Once released it can be traded and used online and can be bought with cash . Users can choose a virtual wallet to receive the money and can then trade coins with other users or with retailers who accept them , such as eBay and Microsoft . FitCoin gives users real-time notifications and earnings updates as well as a dashboard to track how both their body and their bank account are progressing . Chaotic Moon is also hoping that the technology could lower health insurance rates . For example , monthly rates could drop based on the amount of activity the user does . Or sportswear firms could offer discounts when bought using virtual currency earned through the app . Users can choose a virtual wallet to receive the money and can then trade coins with other users or with retailers who accept them , such as eBay and Microsoft . FitCoin gives users real-time notifications and earnings updates as well as a dashboard to track how both their body and their bank account are progressing .
Concept technology was created by Austin-based Algorithm . It syncs with fitness trackers , such as the Jawbone , to monitor heart rate . App tracks length of activity to determine how much energy is being used . Chaotic Moon Studios then converts this energy into 'CPU time on a Bitcoin mining rig ' During a demo the designers earned five cents for four minutes activity . And the more energy a user expends , the more digital currency they mine .