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 Chaotic Moon Studios . 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 . Algorithm 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 .