I am entering into EOS development and seek advice from experts on how to produce EOS blocks and what are the rewards? Also, will a regular development device be sufficient to build such a producer?
Some block producers have their own infrastructure, some are using major cloud service providers.
Jungle testnet has always been the best, and helpful to say the least. Plus it is a highly active community that tests frequently.
I do suggest though that you try to build your own private-net, you can find the details of the launching sequence in the developers portal. https://developers.eos.io/eosio-nodeos/docs/bios-boot-sequence . I guarantee you will learn A LOT from doing this.
Infrastructure wise, it depends on what you want to do but usually a simple desktop with linux setting is the easiest. You can find alternatives in AWS or any other cloud service providers