Preliminary results concerning the time evolution of strongly exited SU(2) Bogomolny-Prasad-Sommerfield (BPS) magnetic monopoles have been published in G. Fodor and I. Racz, Phys. Rev. Lett. 92, 151801 (2004). The behavior of these dynamical magnetic monopoles was investigated by means of numerical simulations in the four-dimensional Minkowski spacetime. The developed code-although applied to spherically symmetric configurations-incorporates both the techniques of conformal compactification and that of the hyperboloidal initial value problem. Our primary aim here is to provide a detailed account on the methods and results of the investigations reported in G. Fodor and I. Racz, Phys. Rev. Lett. 92, 151801 (2004). In addition, some important ...