For my forum with 500k users a month I just added a registration captcha related to my niche. E.g. for a Dark Souls forum it would say "what game is this forum about?" And if you got it wrong the validation would include "tip it's just two words Drk S*ls". This reduced spam by over 99% and didn't annoy people with recaptcha.
If someone was unable to get past that captcha (it still happens I have logs!) I figured they were probably not that valuable a contributor anyway.
If someone wanted to target my site directly they could but hasn't happened so far.