We must always try to look at any any positive angle we can from any news and this is one of them, China due to being the country that had the most miners always had a huge influence over the market, if those mining operations are closing down then it is unlikely this is going to be forever and instead those mining facilities are just relocating themselves, so this is good for bitcoin as the dominance of China over that aspect of the network finally begins to disappear or at least it is not as strong as it is now.
Is it that easy to relocate the mining operations? China is the preferred destination, because they manufacture nearly all of the mining rigs, and also due to the fact that electricity is very cheap there. If the miners relocate to a country such as Mongolia or Russia (where the electricity costs are relatively low), they need to first pay the import duty on mining equipment. And in these countries, the bureaucracy and red tape are big issues. Therefore getting a permit to set up such operations may take a lot of time.
