I did it to all my servers 3-4 months ago using geoip, did not seem to effect my ranking at all, I block or redirect 8 countries and afterwards it freed up enough resources to go from 8 servers to 6. My ranking are fine and my traffic grows monthly.
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“Ours is a world of nuclear giants and ethical infants. We know more about war than we know about peace, more about killing than we know about living. If we continue to develop our technology without wisdom or prudence, our servant may prove to be our executioner.” ― Omar Bradley (1948)
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