Does anyone have experience migrating entire Mastodon instances from one domain to another?

Looking for advice on migrating user accounts and I'm wondering if I just set the new instance up in parallel, close registration and hand over invite codes... or is there a better way?

(Asking as an admin.)

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If you have a fediverse account, you can quote this note from your own instance. Search https://indiepocalypse.social/users/jenny753/statuses/115747990985158097 on your instance and quote it. (Note that quoting is not supported in Mastodon.)