You want the binomial distribution because the probability of each block being karma or not-karma (whatever that means), that is, the probability of a success or a failure in each trial is constant and independent of the other trials.
In general, the probability that there are k successes out of n trials in a binomial distribution is ${n\choose k} p^k(1-p)^{n-k}$ (where p is the probability of a success). In your case the probability of 'k' "karma blocks" would be ${600 \choose k} (0.001)^k(0.999)^{600-k}$.
What's actually happening is you determine there must be exactly $k$ karma-blocks, and that probability is $0.001^k$. The rest of the 600 have to be failures, hence $0.999^{600-k}$ (because if it's not a success, it's a failure, 1-0.001=0.999). And you don't care about order so you multiply by the number of different orders there could be for k karma blocks in 600 blocks, which is $600 \choose k$