Read that in a book one time, can't think of the author or title.
5.56mm
Aurthur Clarke wrote some books about that, actually it was to a higher orbit than that, but as I recall, they used a type of “string diamond” to do it.. this sounds a lot like that.
“Friday” by Robert Heinlein. He called them “Beanstalks”.
Arthur C Clark, “The Fountains of Paradise” is credited with the notion, though variants are older. Google “space elevator”. A very long rope tethered to the earth, long enough that its center of gravity is beyond geostationary orbit, will remain vertical. The rope must be strong enough, stronger than current materials allow yet physics/chemistry indicates suitable materials are indeed possible. Efforts are underway to encourage the technology needed to build a space elevator.
+1 for the space elevator
The counter weight has to be higher than geosynchronous, 24,000 miles, so it’s either high earth orbit or nothing.