Can I loose weight by knitting??

I know stupid question.... right?
May be not really.... I have been enjoying knitting as much as I hate to get on the elliptical in the morning. On listening to the radio one day I found a a guy broke a Guinness record for a longest scarf knit while running a marathon. You can read about it here if you don't believe me.

I am not saying I want to run a marathon and win the Guinness record, but it got me thinking if I could be coordinated enough to knit while on the elliptical. It happens so that I can.
I did choose a project that would be small and exciting enough to keep me going. I chose the project Squares on a roll by Frankie Brown. It involves making small sqaures individually which will all be attached at the end to make a blanket. So this is my workout blanket. LOL! YOu can see updates on my blanket here

Rather than using a very colorful yarn, I chose Woobu in shades of green and purple. I did modify the pattern a little bit, so I only knit and not purl. It is harder for me to purl on the elliptical, plus I got ladders on the DPNs on purls. It takes me approx 4-5 hours to knit a square which is approx 2500 calories burnt!

Of course it would be more effective if I just did the elliptical without the knitting, but knitting the blanket at least gets me to exercise.

It will be interesting to see how long it will take me to knit this blanket. I know I am going to be short on yarn so I am in search for more Woobu yarn. If anyone has any sources for less price, do let me know. Thanks!