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(Pocket-lint) - A new app has been unveiled that'll actually make you want to workout. Seriously.

The app, which is appropriately named Fitcoin, pays you to workout in Bitcoin, but the amount you earn in rewards depends upon how hard you push yourself (something that seems to be universal whenever it comes to physical exercise). Chaotic Moon Studios, an Austin-based design company, developed the app and has unleashed it at the South by Southwest festival in Austin.

Fitcoin seems pretty simple to use. You must first download the iOS app, then create an account for your Bitcoin repository, and enter your basic information. Once all that setup work is done, sync the app to any fitness tracker that has heart rate tracking functionality and open access to their software. It's a limited pool of devices that currently includes the Mio, Atlas, and the upcoming Jawbone UP3.

The app is designed to record the length of your activity and the level of your heart rate, after which, it'll determine how much energy you’re expending and what's that worth in Bitcoin. During a demo given to Yahoo, app designer Grant Nicol ran on a treadmill for about four minutes and worked his heart rate up to 115 beats per minute while wearing a Mio. He earned about 5 cents.

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That's 5 cents from a stash of Bitcoin that Chaotic Moon Studios bought to internally test Fitcoin. The team behind the app imagines companies will one day use Fitcoin as an incentive program of sorts. Health insurance companies could reduce your monthly payment if you reach a certain level of activity each month, for instance, or Adidas could offer merchandise only purchasable with cryptocurrency earned from Fitcoin.

Fitcoin is still in its early stages, but maybe one day you'll be hopping on the treadmill to pay your rent. Awesome! (Sarcasm intended.)

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Writing by Elyse Betters.