Chaotic Moon Studios has created a new application that offers new incentives for fitness training.

A new application called FitCoin (not to be confused with a number of other applications with the same name) was presented at the South by Southwest Interactive Festival by Chaotic Moon Studio. It measures the length and intensity of your physical exertions during workouts and converts it into CPU time necessary to mine bitcoins.

FitCoin needs to be synchronized with the user’s fitness tracker, which needs to have an open API and measure the heart rate, to monitor the workout. The algorithm of the app then determines how many bitcoins the user earned by their efforts. The app also reports on improvements the user’s and their wallet’s health in real time.

The application was demoed by its designer Grant Nicol. Working on a treadmill with a Mio fitness tracker on his wrist for almost four minutes, he earned about 5 cents.

“This concept combines two of our specialties: looking good and making money”,

said Ben Lamm, the CEO of Chaotic Moon.

Chad Derbyshire, the director of marketing at Chaotic Moon, hopes to secure a partnership with Adidas. According to him, the company could consider selling some special types of sports equipment exclusively for bitcoins earned with FitCoin.

Jon Werner of Adidas Digital Sports remarked:

“One of the biggest challenges in the space is finding ways to keep consumers engaged.  We are excited to see how cryptocurrency can motivate people to make their exercise and fitness routines a long term habit”.

Currently, the application is still in the alpha testing stage.