Contrac Blox is an anti-coagulant which means once the mice eat this product they begin to bleed to death from the inside. The mice first become sick, and then grow tired and weak and pass in their sleep. It can take anywhere from a few hours to a few days depending on how much the mice have eaten. They do not need water for the product to work.
The Contrac Blox should not spoil from the heat, though as you have noticed it will start to melt if it gets too hot. We recommend that you replace the bait if it starts to mold or if insects have started to infest it. Rats are notoriously cautious and suspicious of new food items and some can take several weeks, even months before they will accept it. Are other food sources available to the rats? Try to eliminate alternate food sources if at all possible, rats will continue to feed from the "tried and true" food sources that they have used in the past. You also need to be sure that you have offered enough bait stations to accommodate the rat population on your property as rats can also be territorial.
Unfortunately the "special poison bait that will stop decaying rodents from smelling" is a myth. No known rodenticide will have this affect. While there are odor control products that will help eliminate the odors resulting from decaying rodents, there are none known poison baits that prevent such odors. Please take a few moments to read our article Myths About Rodents to help sort out rodent myths and facts. The only way to avoid having an odor indoors is to use snap traps and glue boards so you will know exactly where the rodent has died and you will be able to remove the carcass.