The effect seems different from what you expected. The price pumped in the last 24 hours. It seems that the crypto community is already tired of hearing FUD news coming from China. It has no effect anymore.
Anyway, if ever its true there is ample enough miners coming from other countries to cover what will be lost.
Do you still have trust in Chinese? They are spinning the news for years, and in all that
time they did not do anything except making more money from their manipulations.
I doubt that this can have some big effects on Bitcoin, when will people understand that
Bitcoin does not depend only from Chinese, Bitcoin is bigger than any country and their laws.
Like with all news coming from China regarding Bitcoin this one will be forgotten too, just
wait couple weeks or month and they will just continue with what they did. Do not trust
Chinese government.