An ice maker for forming ice during a cooling cycle, the ice maker having a variable-speed compressor, a condenser, and an evaporator, wherein the variable-speed compressor, the condenser, and the evaporator are in fluid communication by one or more refrigerant lines. The ice maker further includes a freeze plate thermally coupled to the evaporator, a water pump, a sensing device for identifying a state of the cooling cycle, and a controller adapted to control the speed of the variable-speed compressor based on the identified state of the cooling cycle. The ice maker may also include a variable-speed condenser fan which may be controlled by the controller based on the identified state of the cooling cycle. Additionally, the water pump may be a variable-speed water pump which may be controlled by the controller based on the identified state of the cooling cycle.