Looks like a good start. Only 22,235 miles,4,280 feet more to go.
And millions of bits of existing satelites to be removed from orbits below, that are statisticly certian to smack the tether at some time or other. Particularly since it doesn't just occupy a single point in an orbit, but is along a 22k+ mile line.
The question is more like, how many times will it be struck per hour.
It'll never be built, materials science improvements notwithstanding. This is just a science boondoggle, just like studying global warming. (come to think of it, I'd rather have them study this, because at least the raw science is constructive instead of destructive)