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?
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
Some block producers have their own infrastructure, some are using major cloud service providers.