Ice spikes form on frozen ice cubes due to the unique freezing process where the top layer solidifies while water below expands and pushes through a small opening, creating a spike. This phenomenon is not caused by dripping water from above, as some initially speculated, but rather by the physics of freezing water. The discussion highlights that ice spikes are akin to volcanic vents rather than stalagmites. Participants express appreciation for the scientific explanation, emphasizing the interesting physics involved. Understanding ice spike formation reveals the complexities of freezing processes in everyday environments.