How would this effect bitcoin? would it cause us to regress back to a time where we actually counted bitcoin in bitcoins not satoshis, or would bitcoin become insanely expensive?
If you destroy the entire mining industry for Bitcoin, you will stop blocks from being mined completely, and stop transactions completely, until someone starts mining. The difficulty collapses and becomes close to what it was originally, and now any nerd with a PC can mine in a viable way again. Essentially, the first people to get their miners running will now have blocks to themselves.
You will cripple the network for a period of time, no questions asked.