Yes, giving blood will effect your cycling output or speed by 70-80%. Your perceived effort will be feel the same but your speed will be be down by several MPH.
I gave blood several times one summer. it's impact & effect on group rides below:
-a: before giving blood - working up front & pushing hard. Having an impact on the group. Perceived effort high - able to contribute to group ride, hard pulls, attacks etc..
-b:after giving blood - getting dropped straight away on the first charge, attack or hill. This lasted a week or more & took upwards of 3 weeks until I was able to have an impact with the group again. Even though the perceived effort felt the same, the ability to work & keep up with the group was effected.
Berend gave the answer to blood donation & having it not impact your hard earned gains on the bike. Platelet Donation seems to be the way to go. Unfortunately it's difficult to find places to take blood in this way. I plan on going this route soon, as I've found a place kindof close by. Don't they pay you for this? Anyway, I'll know soon enough.
Life is in the blood. Give Life, someone you Know & Love may need it!