If you really think a captcha is necessary, limit it. For example, require that a captcha is required for two account registrants with a 24h period from the same ip. Don’t require captchas for logins unless a reasonable limit of attempts has been exceeded (5 wrong passwords within 24h by the same ip for example).
If your site is small, a captcha is often overkill. A hidden input can trick pretty much any automated spam bot (if input empty, real user, otherwise bot). Just make sure you do enough research so accessibility readers also work with that field properly.
If a spammer targets you, you can always active a captcha manually, although by the time you realize it, it might be too late.
Keep in mind that a captcha only adds friction to the spammer (and users). Bypassing reCAPTCHA is possible for any motivated spammer for only a few cents/captcha. There are services that have humans in developing countries solve them for you. Coupled with a headless chromium, you can easily build a reputation so that google will let you through. For testing credit cards, this setup is definitely used and most likely worth it. So a captcha will not always save you from bots.
Also keep in mind that hacker news does not have a captcha and the amount of spammers is minimal.