An optical computing device and method utilizing an Integrated Computational Element (“ICE”) to predict and/or mitigate hydrate formation. Fluid is allowed to flow through a first conduit. A sample fluid is separated from the fluid flowing through the first conduit. The sample fluid is allowed to flow through a second conduit. At least one property of the sample fluid corresponding to hydrate formation is detected using at least one Integrated Computational Element (“ICE”) computing device positioned along a tubular. A determination is made as to whether the detected at least one property is adequate for hydrate formation.