The ice frozen around this pipe has begun melting from the inside out – creating a spectacular little waterfall encapsulated by ice. The pipe is more than likely heated, or contains water above 1 degree Celsius (33.8 degrees Fahrenheit), causing the ice closest to the surface to melt and drain downwards.
Take a look at the video below, which, as people have pointed out in the comments, is one of the only examples of when filming vertically was a good choice!