We investigate in detail the process of adiabatic cooling in the framework of the exactly solvable antiferromagnetic spin-1/2 Ising model in the presence of the external magnetic field on an approximate lattice with pyrochlore structure. The behavior of the entropy of the model is studied and exact values of the residual entropies of all ground states are found. The temperature variation of the system under adiabatic (de)magnetization is investigated and the central role of the macroscopically degenerated ground states in cooling processes is explicitly demonstrated. It is shown that the model parameter space of the studied geometrically frustrated system is divided into five disjunct regions with qualitatively different processes of the adiabatic cooling. The effectiveness of the adiabatic (de)magnetization cooling in the studied model is compared to the corresponding processes in paramagnetic salts. It is shown that the processes of the adiabatic cooling in the antiferromagnetic frustrated systems are much more effective especially in nonzero external magnetic fields. It means that the frustrated magnetic materials with pyrochlore structure can be considered as very promising refrigerants mainly in the situations with nonzero final values of the magnetic field.