It's a good opportunity for mining companies move their businesses to another countries and decrease the total mining power China is responsible for. It will give a lot more stability for bitcoin if mining power isn't concentrated in one only country, especially a country ruled by communist dictators like China. It's also a chance for smaller countries which need to increase their income to attract these mining bitcoin operators to their territories.
Yes! So much opportunity created here to make things better overall. It seems like a big hit if you look directly at the BTC price, but when you see the big picture, it all makes sense.