You're probably better off to store the private key in a file - using something like PKCS#12. Then you can protect both the key and the password with root access.
If the key is in the database, while it's encrypted, it may be hard to prevent, or detect, someone from fetching it and attempting a dictionary attack offsite. On the other hand if the key is in a file protected by root, there's only one way to get to it.
Regards,
David
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