Choosing the right coconut oil can make a difference. There are a few different brands of this out there, either of which will do the job. However, as a personal preference, I would go with an Organic version or if you can't spare the cash for that, try something that is at least from the natural isle.
You can apply this oil in 2 different ways, I find it much easier to bring the coconut oil to a warmer temperature (not hot, just enough to make it a liquid) and then applying it with either a brush, a small cloth. The other method would be to leave it at room temperature (a liquid solid) and apply it with my hands.
Allow the finish to sit on the blocks for 3 - 8 hours (depending on your schedule) to allow the wood to soak in the Coconut Oil. Typically I just let them sit over night.
After the blocks have sat for a time, there could be some excess oil left on the blocks, at this point you should buff them and then presto! You have finished the blocks.